The Nigerian equities market closed the day positive, however just by a marginal +0.04% to settle at 105,593.28 points. Banking counters continued its rally as the sub index appreciated by 6.50%, driven by gains in Zenithbank(+3.24%), GTCO(+1.37%), Fidelity(+4.38%), First HoldCo(+1.23%), FCMB(+4.74%) and Sterling(+4.90%); On the contrary UBA(-2.25%) and Accesscorp(-0.22%) slipped on profit-taking. Other key laggards today includes Geregu(-10.00%), Transcorp(-4.26%), Oando(-5.66%), Dangsugar(-2.78%) and NB(-0.60%).
Market turnover was decent at N15billion ($9.8million) mainly from early cross trades in Geregu power plc. We expect investors to trade around current levels in the coming session, and also not ruling out quarter-end activities by portfolio managers.