The NSEASI rose marginally by +14bps, driven by sustained demand in the banks – Guaranty (+1.08%), UBN (+4.48%), Zenith (+0.82%), FBNH (+1.25%) and Access (+0.84%). Market activity opened on a muted note as participants treaded cautiously. However, crosses in Guaranty ignited renewed buying interests among the banks while the reaction in the other sectors remained largely indifferent. Loss in Dangcem (-0.51%) pulled back some of the gains recorded on the day.
Turnover rose to N3.5bn ($9.5m), boosted by offshore crosses in Guaranty ($1.75m) and Zenith ($0.64m) whilst Diamond ($0.71m) involved mixed interests. Ytd gain on the index rose to +2.36%. We expect the market to trade sideways in the next session.