The NGXASI ticked higher by +0.17% to 39,252.19 points today thanks to slight rebound in the banks. The release of Access (+2.78%)Bank’s H1 results, which showed mixed performance despite some negative in the OCI line, seemed to have triggered the positive movement observed in the banks, while Jberger (+2.97%) and index heavyweight Dangcem (+0.82%) also closed higher. Other key advancers were UBA (+1.32%); FBNH (+0.67%); Zenith (+0.21%) and GTCO (+0.18%), which offset declines in Oando (-7.03%); UBN (-6.54%); UACN (-2.78%) and FCMB (-1.64%). In all market breath was flattish with about one gainer for every decliner.
Turnover improved slightly to N1.99b ($4.9m), while the negative YTD return on the NGX index narrowed to -2.53%. We expect the market to maintain a similarly flattish trading pattern in the coming session.