Trading activities on the Nigerian equities market for the week commenced on a bearish note, as the NGXASI retreating by -33bps to 46,687.85 on the day. Today’s weakness was on account of sell pressure in selected banking stocks; FCMB (-3.94%), FBNH (-3.28%), UBA (-2.60%), Zenithbank (-1.79%) and Accesscorp (-1.03%). MTNN (-0.93%), NGXGROUP (-0.83%), PZ (-5.21%) closed southwards while Wapco(-2.65%) witnessed negative sentiment post dividend markdown. Nevertheless, upticks in the likes of UBN (+1.67%) ,GTCO (+1.40%) Intbrew (+7.69%), Caverton (+5.00%), Mansard (+2.08%), UCAP (+2.05%) Berger (+0.81%) and Custodian (+0.77%) salvaged some valuable points in the day.
Turnover was N1.93b ($4.63m) supported by fragmented trades in Zenithbank and MTNN. The YTD return on the NGX index narrowed to +9.30%. We expect the same trading pattern in the coming session .
