Stability is setting in once again in the market as most stocks that hitherto had been on a free fall recovered. Zenith Bank, GTBank, and First Bank opened low but recovered in the course of the trading period.
Dangote Sugar and First Bank published an impressive Q2 and Q1 result respectively but the response from investors was not encouraging mainly due to fear and panic that is currently prevalent in the market. As liquidity squeeze persists, we do not expect the bearish trend to continue but the upside is still limited.
Index closed flat on 12,333 trades. Average size of trade was $5,700 with total value of $70 million. Market cap closed at $59.4 billion.
Overall there were 53 gainers, 48 losers and 31 unchanged.
Banking sector accounted for 62% of the market volume.
Sterling Bank saw the highest volume traded in the market for the day. International Energy Insurance, Access, First Inland Bank and Wema Bank also closed in the top echelon.
* Net Bid Access, IBTC, Afrpaints, Japauloil, Air Service, and Oasis Insurance in that order.
* Net Offer Fidelity Bank, Transcorp, FCMB, Afribank, and Equity Assurance.
* Top Gainers Mobil, Oando, AP, and JBERGER.
* Top Losers Total, Chevron, Flourmill, and Conoil.
Market Information from the CSL Equity Market Note. Adetola.firstname.lastname@example.org