The Nigerian equities market consolidated on the gains recorded in the previous sessions as the ASI advanced by 62bps. Today’s bullish stance was mainly on account of gains recorded in the consumer goods space and notable banking names. Investors exhibited positive sentiments toward banking stock as the expected dividend yield, at current price levels looks very attractive; thus Zenithbank and Guaranty appreciated by (+3.33%) apiece while ETI (+6.67%), Access (+3.10%) and UBA (+1.27%) closed upwards. Unilever(+9.07%), Nestle (+0.82%) upheld the Consumer index while Wapco (+1.82%) and others, eroded losses recorded in Dangcem (-0.30%) among the industrial goods.
Market turnover dipped marginally to N3.1bn ($8.45m) and was boosted by offshore related crosses in Stanbic ($0.6m), Access ($0.3m) and other fragmented trades. The broad market indicator appreciated by 3.25% while ytd returns moderated to -11.55%. We expect the market to maintain the same trading pattern next week