The equities market reversed most of the previous session’s loss with a +0.61% gain on the index. Market depth improved as buyers sought new opportunities post yesterday’s selloff and bargain hunting in the banks Guaranty (+8.53%), Zenith (+3.00) and UBA (+0.65%) consequently drove the recovery, offsetting weaknesses in index heavyweights, Dangcem (-0.73%), Nestle (-1.33%) and NB (-0.24%) alongside Access (-1.28%) and FBNH (-0.67%) from the banking space.
Market turnover improved to N2.8bn ($7.7m) mainly buoyed by offshore crosses in Guaranty ($2.95m). Ytd loss on the index shrunk to -16.17%. We expect the market mood to remain subdued in the next session.