The equities market rose +0.33%, halting a 6-day decline as investors upped bargain hunting in financials after weeks of sell-off. With the banking index trading in oversold territory, bargain hunters swooped in on beaten stocks such as UBA(+2.17%), Zenith(+1.77%), Guaranty(+0.67%) and tier IIs – FCMB(+4.94%), Diamond(+4.79%) and Fidelity(+4%).
Consumer stocks also closed higher – Glaxo(+10.20%) rallied following news of a special dividend of N7.10k; major brewer NB(+1.51%) rose amid reduced offers, Cadbury(+4.74%) and PZ(+2.68%) both advanced on bargain hunting. Today’s notable decliner was Access(-5.53%) which fell to a 10-week low as negative reaction trailed yesterday’s earnings release.
Turnover closed high at N7.3bn ($20m) buoyed mainly by block trades in Guaranty($6.4m) and Zenith($5.2m) and post earnings sell off in Access($3.8m) which traded its second biggest daily volume this year. Ytd gain improved to +8.87%, we expect the market to tick higher in coming session on bargain hunting.