Trading activities in the Nigerian equities market for the week started on a quiet note, as the All Share Index headed south by -90bps to settle at 24,956.04 point. The negative movement was partly on account of points lost in communication giant MTNN (-1.69%). Also the session witnessed sell pressure in ETI (-7.34%), UBA (-5.19%), Zenithbank (-2.70%) and Guaranty (-1.67%) in the banking space while weakness in Wapco (-2.65%) and Buacement (-1.81%) dragged the Industrial goods in the red territory.
Market turnover was impressive at N1.61bn ($3.30mln), though supported by mixed interest trades in Guaranty, and Zenithbank. The NSEASI ytd return widened to -7.03%. We expect the market to witness the same sentiment in the next session.