Sustained sell pressure pinned down the Nigerian equities market’s broad indicator amid weak activity in the last trading session of the week. The ASI dipped by 39bps due unimpressive performance in the banking space; specifically Guaranty (-3.08%), UBA (-1.28%), Zenithbank (-1.26%), Access (-1.02%), Fbnh (-0.83%). Also Guinness (-10.00%),UACN (-3.74%),and Wapco (-0.64%) closed underwater at the end of the session.
Market turnover closed at N1.2bn ($3.5mln), buoyed by domestic interest in UACN ($0.40 mln) and fragmented trades in Zenithbank. The NSEASI ytd return stood at +3.42% . We expect the market to maintain this trading pattern in the next session.