The Nigerian equities market commenced the week on a quiet note, as the ASI dipped by 44bps to close in the negative region. Losses in heavyweights Mobil (-9.97%), MTNN (-0.95%) coupled weakness in some banking stocks Zenithbank (-2.99%), Guaranty (-2.00%), UBA (-0.80%) and Access (-0.79%) contributed the most to the southward movement recorded in the equities market. While most stock closed flattish, Oando (+2.22%) Buacement (+0.61%) and Nascon (+5.26%) advanced in the session.
Market turnover was N2.15bn ($5.55m), though boosted mixed interest crosses in MTNN. The NSEASI ytd return dipped further to -9.84%. We expect the market to maintain this trading pattern in the next session.