It was a positive close for the final trading day in May on the NGX as the index rose by 0.47bps on the day. Whilst activities levels remained relatively subdued, today’s gain was mostly driven by upticks on non-financial counters. Vitafoam (+8.91%); PZ (+3.77%); Buacem (+2.78%); Jberger (+2.70%); Guaranty (+1.43%) and MTNN(+0.99%) led the gainers, and muted declines in the likes of Cadbury (-4.88%); Intbrew(-3.51%); Glaxosmith (-2.42%), FCMB(-1.64%); FBNH(-1.38%), WAPCO (-1.17%) and Access (-0.66%) from month end sell offs by some portfolio managers.
Market turnover was N2.1bln ($5.1mln), boosted by mild crosses in Zenith, Nestle and Seplat. The NSEASI retreated by -3.51% in May, while YTD loss stood at -4.55%. We expect the market to resume the new month a similarly muted note.
