Trading activities on the Nigerian equities market closed on a negative note as investor’s sentiment dragged the ASI southward by -6bps in the day. Weakness in Oil & gas major Seplat (-3.46%), coupled with negative movement in Stanbic (-10.00%), Wapco (-2.15%) and Fbnh (-0.68%) masked recovery in some banking stocks; UBA (+3.75%), Access (+3.70%), ETI (+3.60%), Zenithbank (+2.49%), UBN (+1.94%), Guaranty (+0.33%) as well as gains Flourmill (+2.10%) and Guinness (+0.23%).
Market turnover was merger at N2.91bln ($7.85mln) though boosted by trades in Fbnh, Zenithbank and Guaranty. Year to date performance worsen to -0.21%. We expect the market to maintain a similar trading pattern in the coming session.