Trading activities for the week commenced on a bearish note as the Nigerian equities market’s ASI dipped by -0.71% in the day. Weakness in large CAPs; Nestle (-5.07%) and MTNN (-2.86%) as well as profit taking in UCAP (-2.03%), and Dangsugar (-0.28%) dragged the index southwards. Gains in NGXGROUP (+9.86%), WAPCO (+2.70%), UBN (+1.92%), Stanbic (+1.28%), Zenithbank (+0.61%),Buacement (+0.52%) and OKOMUOIL (+0.32%) salvaged some valuable points in the day.
Turnover improved was impressive at N4.06b ($9.86m) buoyed by trades in FBNH and GTCO. The YTD return on the NGX index moderated to +2.17%. We expect the market to maintain a similarly trading pattern in the coming session.