The Nigerian stock market closed the day on a positive note, rebounding from the previous week’s loss with the ASI appreciating by +0.56%. This rebound believed to be as a result of the earnings released by UBA(+2.72%) has led to a positive run in other banking stocks – GTCO(+6.53%), Zenith Bank (+5.04%), UBA, Accesscorp(+1.81%), First HoldCo(+5.74%), Fidelity(+1.96%) and FCMB(+5.56%). Bucking the trend, Ucap(-9.29%), Nem(-9.63%), Sterling(-3.95%), Afriprud(-7.27%) and Aiico(-2.60%) finished lower while large cap stocks such as Geregu, Buacement, Dangcem, Buafood and Seplat remained on full offer as at close of today’s session.
Market Turnover was N10.5billion($6.78million) boosted by trades in Zenith Bank, United Bank for Africa and Access Holdings. We expect the market to maintain the same pattern in the next trading session.