The ASI (-0.40%) took a breather as trading activities closed on a negative note on account of profit taking on selected stocks. Sell pressure on telco giant Mtnn (-7.58%), as well as tier 1 banks GTCO (-3.72%), Zenithbank (-1.76%) largely accounted for the day’s performance. Also, Dangsugar (-3.67%), Transcorp (-2.26%), Oando (-2.17%), NB (-1.01%), CWG (-0.82%) and FCMB (-0.59%) depreciated in the session. Nevertheless, market breadth closed in the positive region, as gains recorded in NGXgroup (+9.55%), FBNH (+8.92%), ETI (+8.37%), Stanbic (+7.51%), UCAP (+5.95%), Fidelitybk (+5.00%), UBA (+4.73%) help to salvage some valuable points for the day.
Turnover was N10.8bln ($6.7mln), buoyed by trades in Transpower, GTCO and UBA. The year-to-date return on the ASI moderated to 39.97%. We anticipate the same trading pattern in the coming session.
