Trading activities on the Nigerian equities market remained subdued, although the NGX market index appreciated marginally by +0.18% to 38,482.52 points. The Index’s performance was buoyed by gains in Dangcem (+1.41%) as the cement manufacturer’s shareholders passed a resolution renewing the share buyback program. Other notable movers were Afriprud (+0.87%), Unilever (+0.85%), UBA (+0.70%) and Zenithbank (+0.44%). Nevertheless, market breadth finished in the negative region as Nascon (-8.78%), ETI (-2.91%), Wapco (-2.86%), Fcmb (-2.86%), Vitafoam (-2.61%), Access (-0.61%) and Dangsugar (-0.22%) all declined.
Market turnover was N1.33bln ($3.21mln), boosted by crosses in Seplat, Uacn and fragmented trades in Zenithbank . The YTD return on the NGX index moderated to -4.44%. We expect the market to maintain a similar trading pattern in the coming session.