Profit taking took central stage in today’s trading session with the NSEASI retreating by -0.75% to close at 34,774.08 as trading activities resumed for the new week. Market breadth was negative with about four(4) decliners recorded for every one (1) that gained as investors sought to lock in gains from last week’s rally. The upticks recorded in key gainers BUACEM(+7.69%) and Airtelafri (+2.06%) were consequently insufficient to offset pullbacks in heavyweights from the Banking space like -ETI(-9.56%); UBA(-8.70%); FBNH (-7.88%); Zenith(-4.24%) and Guaranty(-1.10%) and in non-financials counters including Dangsugar (-9.91%); UACN(-9.52%); WAPCO (-8.71%); NB (-8.08%); PZ (-7.83%) and Flourmills (-6.34%).
Market turnover was however still decent at N7.85b ($20.5m), boosted by trades in Zenithbank, Guaranty, Dangcem and UBA. The NSEASI ytd return moderated to +29.55%. We expect the market to witness the same sentiments in the next session.