(Greenwich Merchant Bank): The Nigerian equities market rebounded from its previous day’s loss, buoyed by buying interest in GUARANTY (+6.4%), ZENITHBANK (+7.3%), and WAPCO (+2.7%). Consequently, the NSE-ASI was up 0.54%, bringing the YtD return to -3.4%.
Activity level also braced up as the volume and value of units traded rose 727.8% and 118.7%, apiece. UNITYBANK topped the volumes’ chart with 1.0bn unit (68.2%), even as GUARANTY led market turnover with NGN3.6bn (60.7%). Twenty (20) gainers outpaced eleven (11) losers, setting the market breadth at 2.00x.
The Banking (+4.4%), Insurance (+0.8%) and Industrial Goods (+0.2%) sectors pushed higher, while the Consumer Goods (-0.2%) and Oil & Gas (-0.1%) sectors declined.
The upsurge in the Banking sector largely influenced today’s market positive performance. In view of the bargain hunting witnessed across large cap stocks in the previous trading sessions, we anticipate the week to close out positive.