The Nigerian equities market slipped further today as the All Share Index dipped by -0.18% amid rate reversal in the fixed income space . Weakness in Wapco (-3.62%), Dangsugar (-4.76%), Flourmill (-1.72%), Mtnn (-0.55%), Total (-0.77%) and Uacn (-0.60%) largely accounted for the downward movement. Spike in Guaranty (+9.09%) masked sell pressure in its peer; Access (-3.93%), UBA (-3.43%), Zenithbank (-2.80%), Fbnh (-1.36%), Fidelitybk (-4.21%), and Fcmb (-8.57%).
Market turnover was N5.58bln ($14.56mln) buoyed by trades in Zenithbank, Guaranty and Mtnn. Year to date performance moderated to +3.57%. We expect the market to maintain a similar trading pattern in the coming session.