The equities market shrugged off early gloom as an uptick in domestic bargain hunting especially in non-financials helped lift the bourse by +0.86%. Cement majors gave the bourse its biggest boost for the second consecutive day – a mix of illiquidity and domestic buying pushed prices in Dangcem(+1.96%) and Wapco(+2.95%).
Sentiment in cement stocks were mixed – Intbrew(+4.85%) and Unilever(+1.51%) surged on late buying while profit taking weighed on PZ(-1.92%) and Dangsugar(-0.45%). Despite increased demand in the banks, most closed lower amid a glut a supply. Zenith(-0.38%), UBA(-0.90%) and tier II banks dropped on large offers; Guaranty traded flat.
Turnover improved to N5.3bn ($14.7m) buoyed largely by increased bargain hunting in Zenith($7.3m). Ytd gain rose to +6.81%, we expect the market to tick higher in coming sessions on sustained bargain hunting