The market index ended flattish (+0.02%) today as sentiments remained muted towards equities. The day’s session was predominantly quiet, save for series of crosses in telecoms giant MTNN, which broke the monotonous market mood. Recoveries in recent laggards FO(+5.48%), Oando(+4.00%), ETI(+3.60%) alongside heavyweights MTNN (+0.64%) and Dangcem(+0.30%) offset declines in the banks- FBNH (-3.03%);Zenith(-2.63%)and Guaranty(-0.55%) and in PZ (-5.60%) which surrendered most its last session’s gains to ensure the flat market close on the day.
Market turnover contracted to N3bn ($8.2m), boosted by the mostly mixed related crosses in MTNN ($5.2m) and local related ones in WAPCO ($0.4m). The Ytd loss on the index narrowed slightly to -2.16%. We expect the market to maintain a similar trading pattern in the next session.