Today’s trading activities on the domestic equities market closed on a negative note as the broad index declined marginally by -8bps. Weakness in Oil & gas major Seplat (-7.39%) along with sell pressure in Nascon (-9.72%), Ardova (-7.85%), Guaranty (-1.59%) and NB (-1.00%) accounted for the lacklustre performance. Though market breadth remained subdued, recovery in Wapco (+9.90%) as well as gains in Fidelitybk (+4.07%), Dangsugar (+2.42%) and Fbnh (+0.71%) retrieved some valuable points in the day.
Market turnover was very impressive at N13.62bln ($35.62mln) buoyed by book over in Spelat 9.5bln ($24.86 mln) as well as mixed interest in trades in Zenithbank and Guaranty. Year to date performance tapered to -2.33%. We expect the market to maintain a similar trading pattern in the coming session.