The equities market rose by +35bps largely influenced by gains in NB (+5.27%). The market was in a lull mode all day as activity level was low across board which can be attributed to lesser foreign participation and standoffish views of local institutions. The banks – Stanbic (+1.55%), Guaranty (+0.45%), Access (+1.64%) and FBNH (+0.68%) advanced on small volumes though Zenith (-0.22%) retreated. FO (-8.47%) led the losers alongside Sterlnbank (-2.45%).
Market turnover fell abysmally to N1.04bn ($2.85m) boosted by local crosses in Fidelity ($0.12m) and Redstarex ($0.1m). Ytd returns on the index shrunk to -2.17%. We expect the market to trade sideways in the next session.