Sustained sell pressure dominated today’s activity in the Nigerian equities market as the broad indicator dipped marginally by 9bps. Today’s laggards included FO(-9.97%), Dangsugar (-2.02%), Guaranty (-1.56%), FBNH (-0.86%) and Fidelity bank (-0.47%) at the end of the session. Though market breadth finished in the negative region, the announcement of proposed dividend payment supported Ucap (+9.90%) and its positive sentiments quickly spread towards its affiliates; Afriprud (+9.87%) and UBA (+0.66%) whilst Wapco (+3.97%) also closed in the green zone.
Market turnover improved to N5.02bn ($13.90mln), boosted by offshore interest in Guaranty ($3.16 mln) and mixed interest in Nestle ( $1.23 mln). The NSEASI ytd return tapered to +2.54% . We expect the market to maintain this trading pattern in the next session.