Sell pressure persisted on the Nigerian equities market as the ASI retreated marginally by -0.19% amid sustained profit taking. Today’s performance was on account of negative movement recorded in Mtnn (-1.30%), FBNH (-2.07%), GTCO (-1.63%), Dangsugar (-1.23%), Access (-1.11%), Zenithbank (-0.21%) and Flourmill (-0.17%). Though most stock closed flattish, gains in UBN (+3.26%), UCAP (+3.13%), Mansard (-2.38%), Intbrew (+2.08%), NGXGROUP (+1.19%), FCMB (+0.67%), Airtelafri (+0.53%) and Wapco (+0.41%) salvaged some valuable points.
Turnover improved to N2.43b ($5.90m) though boosted by trades in GTCO. The YTD return on the NGX index tapered to +4.71%. We expect the market to maintain a similarly trading pattern in the coming session.