The equities market ended positive for the second consecutive trading session, up +1.22%.

Also, Market Breadth Index, a gauge for investor sentiment closed positive as 41 stocks advanced, compared to 12 stocks that declined.

DIAMONDBNK (+9.85%) was the best performer against DANGSUGAR (-4.56%) which led the losers’ chart.

FCMB (+5.88%) was the most actively traded stocks with 169million units of shares accounting for c.29% of total volume.

Sector Performance  

·         NSE Industrial Index: Best performer (+1.73%) largely due to DANGCEM (+3.05%). 

·         NSE Banking Index: Tier 1 names; ACCESS (+0.55%), FBNH (+2.71%) and UBA (+1.56%), in addition to DIAMONDBNK (+9.85%), SKYEBANK (+9.38%) and FCMB (+5.88%) drove the sector’s positive close (+0.87%)

·         NSE Oil and Gas Index: Inched up +0.28% following the gain in ETERNA (+7.88%) and FO (+1.21%). 

·         NSE Consumer Goods Index: Only index to end negative (-0.67%) as a result of DANGSUAGR (-4.60%), FLOURMILL (-1.65%), GUINESS (-1.79%) and NB (-0.04%). 

Earnings Release 

NIL.

Market Insight 

The equities market appears to be gearing up for another rally with a positive close for the second consecutive trading session. This may not be unconnected with investors positioning ahead of earnings season commencing later this quarter. Nonetheless, we believe there may be profit taking in the market, which could present entry opportunities into our quality names for investors with a medium to longer term horizon.

TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK