Trading activity on the Nigerian equities market closed in the negative note as the benchmark index went down by 13bps in the last session of the week. Weakness in index heavy weight MTNN (-2.29%) coupled with Glaxosmith (-9.48%), Oando (-4.74%) and UBA (-3.65%) contributed the most to the southward movement in the broad benchmark indicator. Amid the quiet trading session, market breadth closed in the positive region with gains recorded in ETI (+5.34%), PZ(+5.00), Presco (+4.95%) Dangsugar (+3.44%) Wapco (+3.33%), Access (+1.62%), Uacn (+1.14%) and Zenithabnk (+1.08%) among other finished stronger at the close of the session.
Market turnover was meager at N1.4bn ($3.9 mln), buoyed by fragmented trades in UBA and Guaranty. The NSEASI ytd return dipped to -15.57%. We expect the market to maintain this trading pattern in the next week.
