The lull in the Nigerian equities market persisted as the NGXASI dipped by -48bps at the close of today’s session. Though most stock closed flattish, negative movement in UACN (-7.49%), ETI (-2.92%), Glaxosmith (-2.56%), Dangsugar (-1.90%), Nascon (-1.26%), Sterlnbank (-0.67%), FCMB (-0.62%) and Accesscrop (-0.51%) dragged the broad index southwards. Nevertheless, upticks in the likes of Conoil (+9.89%), MTNN (+1.28%), UCAP (+2.38%), NGXGROUP (+2.35%), Fidelitybk (+2.02%), GTCO ( +1.58%), Zenithbank (+0.66%) and Oando (+0.21%) salvaged some valuable points in the day.
Turnover was N2.35b ($5.60m) supported by trade in Zenithbank. The YTD return on the NGX index narrowed to +8.96%. We expect the same trading pattern in the coming session .