The local bourse ended the first trading week of June on a slightly positive note as the benchmark index went up by 9bps today. This was primarily driven by the gains recorded in ETI (+8.41%), Wapco (+2.42%), FBNH (+1.10%), Zenith (+0.76%), Oando (+3.91%), Stanbic (+0.38%) and Access (+0.29%) as they were able to mute the losses recorded in Fidelity (-5.64%), NB (-27.35%), Custodian (-2.78%), GTCO (-0.12%) and Sterling (-1.27%). Heavy weights; Dangcem, Geregu, Airtel, BUACem and BUAFoods still closed flat.
Turnover was robust at N7.4bln ($4.9mln), mostly boosted by trades in Zenith, Access and NB. The year-to-date value of the index has improved slightly to 32.70%. We expect the market to trade near or at current levels in the upcoming session.