The equities market snapped a 4-day losing streak today as gains in Zenith offset pre-existing lackluster mood, lifting the bourse into positive territory. Zenith jumped by the most in (8) weeks as the glut in the tier I bank came to an end, leaving the market in net demand. Large caps – Seplat(+3.45%) and Nestle(+0.64%) also supported today’s index gain as both surged on strong foreign demand. Oil palm stock – Okomu(+5.82%) jumped for the second consecutive day on earnings inspired demand from domestic investors, the bullish sentiment pushed Presco(+5%) higher. Investors sentiment was mixed, Guaranty(-0.56%) fell on sustained glut while Diamond fell -5% after announcing a surprise full-year loss for 2017.
Turnover was decent at N4.2bn ($11.6m) buoyed by a 22mln cross in Guaranty and 3.7mln cross in Dangcem. Today’s +0.26% gain trimmed weekly loss to -0.47%, ytd closed at +7.27%. We expect the market to tick higher next week on rebounds in blue chips.