Sentiments remained weak in the Nigerian equities market as the ASI depreciated marginally by 13bps to settle at 41,510.16 point. Sell pressure among the banks; Access (-1.16%),UBA (-1.14%), UBN (-0.86%), Zenithbank (-0.77%), Guaranty (-0.46%), Fidelitybk (2.69%) as well as negative movement in Wapco (-0.56%), Ardova (-5.79%), Dangsugar (-1.75%) and Guinness (-1.01%) largely accounted the day’s performance. Though most stock closed flattish, ETI (+3.33%), PZ (+2.94%), Glaxosmith (+0.71%), Wemabank (+7.69%), Nahco (+5.00%) and Oando (+0.67%) all advanced.
Market turnover was N3.95bln ($10.33mln) buoyed by trades in Guinness, Zenithbank and Mtnn. Year to date performance moderated to +3.08%. We expect the market to maintain a similar trading pattern in the coming session.