The ASI rose by 30bps largely on accounts of gains recorded in Seplat (+10.00%), NB (+3.57%) alongside select banks; Guaranty (+ 1.54%), Zenith (+1.54%) and a few others. Activity level remained relatively quiet across board save for the off-market trades in Champion breweries valued $12.6m. Bargain hunters continued to proceed with caution as they seek alpha opportunities ahead of the forthcoming earnings season. Unilever (-6.47%), UBN (-1.87%), Ecobank (-1.54%) dominated the losers’ charts today.
Market turnover was impressive at $19.6m on account of off-market trades in Champion breweries alongside crosses in NB and Dangsugar. Ytd performance stood at +0.79%. We expect the market to continue to oscillate around current levels in its bid to finding equilibrium from last year’s gains.