Trading activities for the week began on a bearish note as the Nigerian equities market’s ASI dipped by -0.15% in the day. Profit taking in Eterna (-9.94%), Oando (-7.92%), ETI (-4.49%), as well as sell pressure in Dangsugar (-2.94%), Fbnh (- 2.71%), NB (-0.94%), GTCO (-0.87%), UBA (-0.58%), Access (-0.53%) and Zenithbank (-0.40%) dragged the index southwards. Nevertheless gains in Guinness (+9.92%), Glaxosmith (+6.56%), Wapco (+1.85%), Flourmill (+0.17%) and Stanbic (+0.13%) salvaged some valuable points in the day.
Turnover was N3.24b ($9.86m) buoyed by trades in Zenithbank, FBNH and Wapco. The YTD return on the NGX index moderated to +2.24%. We expect the market to maintain a similarly trading pattern in the coming session.