Trading activities for the new month resumed on a quiet note today, with the NGX market index marginally lower by -0.06% to 38,414.37 points. Market breadth was evenly matched with equal number of advancers and decliners although demand levels generally remained low. Top energy counter, Seplat (-1.16%) retreated following some cross trades, while other major laggards were Zenith(-0.65%); Fidelity(-1.33%); WAPCO(-0.94%); Unilever(-1.67%) and Intbrew (-2.73%) which buckled under sale pressure. On the flip side however were the likes of Flourmill(+0.71%); Sterlnbank (+3.75%); Cadbury (+3.85%), Vitafoam (+4.55%) and FCMB(+5.00%) which ticked up mostly on late gains.
Market turnover was N2.6bln ($6.3mln), boosted by crosses in Seplat, Zenith and Guaranty by mainly offshore interests. The YTD return on the NGX index is still negative at -4.61%. We expect the market to maintain a similar trading pattern in the coming session.
