The NSEASI rose by +15bps and was driven by upticks in index heavyweight, Dangcem and the banks –Zenith (+2.23%), FBNH (+2.08%), UBA (+2.44%) and Access (2.63%). Market mood improved on the day as sellers maintained a standoffish position whilst buyers sought attractive deals. On the flip side, Guaranty (-1.32%) and Stanbic (0.43%) declined among the banks to lead the losers alongside consumer majors – Unilever (-2.86%), PZ (-9.69%) and Dangflour (-5.88%).
Off-market trades in UBN ($1.2m) involving mixed interests boosted market turnover to N2.9bn ($8m). Block trades in Guaranty ($0.9m) among offshore counterparts dominated trading on the board. Ytd loss on the index declined to -7.09%. We expect the market to trade sideways next session.