Resurfacing the market arena, the bear wagged off the week recovery move posted by the lead indicator yesterday. This is in line with our expectations in yesterday’s report; recall that we showed our hesitation on the sustainability of the recovery, though we do not anticipate instant reversal. Aside the NSE-Insurance that added marginal 2Bpts, other observed market indexes closed red.
Today’s trading activities produced 15 advancers and 24 lagers. NSEASI YtD return is currently -4.75% while the Market Capitalization YtD return stood at –N480.979 billion.
The much awaited financial statistics of the giant financial institution- Zenith Bank Plc, was unveiled today. The result was a down bottom and top line against comparable period in 2015, although a 25k interim dividend was announced from the N1.43 earned per unit share. In other words, the amount paid out is 17.50%.
Reaction to the result so far is negative, although we expect to see full reaction tomorrow since the result hit the market towards the end of today’s trade. Should the reaction continue on a negative side tomorrow, expect the mood to rub off on other banking stocks yet to release H1 financials. Please invest accordingly.
Volume Index for today is 0.90 while buy volume and sell volume is estimated at 18% and 82% respectively.