The NGXASI remained on the winning streak for the 2nd consecutive day today, closing +0.53% higher at 98,383.04 points. Topping the gainers chart were oil and gas heavyweight, Seplat (+3.33%) and lending giant, UBA (+7.88%) on account of renewed investor interest. Other key gainers were; Dangsugar (+10.00%), Transcorp (+8.57%), FBNH (+4.27%), NB (+8.25%), Zenithbank (+2.11%), Fidelity (+5.56%), Nascon (+9.88%), PZ (+9.60%), and GTCO (+0.66%) spanning from various sectors. On the other hand, Wapco (-4.86%), Oando (-0.50%) and Ucap (-2.38%) were the day’s major laggards.
The market breadth closed positive, though other large cap stocks like Dangcem, Airtel and Geregu closed flat with more pressure on the offer side. Turnover was decent at N6.6bln ($4.5mln), boosted by blocks in Seplat and Access involving mainly locals. The year-to-date return on the ASI now stands at 31.57%. We expect the market to trade around current levels in the next session.