The NGXIASI extended its gains for the 4th consecutive session as the benchmark index went up by 46 bps to settle at 99,276.03 points. This uptrend was mainly attributable to the last-minute gains recorded in Seplat (+10.00%). Investor confidence in banking stocks was sustained also as GTCO (+2.05%), Zenith (+1.54%), FBNH (+1.52%), Fidelitybk (+4.21%), FCMB (+7.43%) and UBA (+1.35%) closed higher, contributing to the positive market performance. On the flip side, Intbrew (-8.75%), Transcorp (-1.28%), Sterling (-4.05%) and Wapco (-0.59%) were some of today’s key losers. The market breadth closed positive, however, index heavy weights like Dangcem, Geregu and Airtel closed flat with their prices unchanged.
Turnover was N5.4bln ($3.8mln), boosted by block trades in Zenith and Access. The year-to-date return on the ASI improved further to 32.77%. We expect a similar trading pattern in the coming session.