The equities market struggled to close higher today, needing a late domestic buying in tier I banks to shake off bearish moods from earnings anxieties.
Tier I bank such as Guaranty(+2.94%) reversed intraday losses to close up on late domestic demand. Stanbic(+5%) hit a fresh all-time high on thin liquidity and FBNH(+4.87%) jumped on aggressive domestic buying.
UBA(-0.78%) and Zenith(-0.64%) also clawed back early losses albeit the comeback was incomplete. Consumers were strong gainers all day – foreign buying pushed Unilever(+7.49%) to a fresh high, Flourmill(+2.78%) and Guinness(+1.43%) also advanced on decent demand. Mean reversion continued in Dangcem(-1.13%).
Investors’ apathy capped turnover at N3.2bn ($8.9m), Zenith($1.3m) and Guaranty($1.3m) were the most traded names. Today’s +0.33% gain lifted ytd to +12.68%, we expect the market to ease lower tomorrow still on delayed earnings.