The recent positive sentiments in the Nigerian equities market came to a halt as the ASI nosedived by (-1.40%) today, its the only southward movement so far in 2024. The weakness in performance was largely on account of profit taking in the banking counters which had recorded over +20% return year to date. In specifics, UBA (-9.97%), Zenithbank (-9.93%), UCAP (-9.95%), FCMB (-9.83%), FBNH (-9.79%), GTCO (-8.71%), Fidelitybk (-8.60%), ETI (-7.58%) and Accesscorp (-6.23%) all succumbed to sell pressure. Other key laggards were MTNN (-4.41%), Wapco (-6.02%), NAHCO (-9.85%), Intbrew (-9.83%), Unilever (-8.54%) and Afriprud (-7.03%). Nevertheless, the silver lining were gains recorded in Dangcem (+3.83%), Cadbury (+9.92%), Buafoods (+5.82%), CAP (+4.35%), PZ (+3.70%) and Berger (-2.56%).
Turnover was N25.37bln ( $28.53mln) dominated by trades in GTCO, Accesscorp, UBA, Zenithbank, and Geregu . The year to date return on the ASI decreased to 9.70%%. We anticipate a cautious trading in the coming session.
