The NSEASI(-0.30%) today closed in negative territory, following another dull session. MTNN(-2.43%) was a major drag, as the telecoms giant buckled under sustained sale pressure amid weak demand. UACN(-1.71%); Intbrew (-1.05%) also dropped, offsetting gains in GSK(+9.52%) and others like AGlevent (+8.70%) and Oando (+1.62%). The banks were fairly mixed with upticks in Fidelity(+5.77%); Guaranty(+1.69%); FBNH(+0.78%) and Stanbic(+0.54%) slightly outweighing pullbacks in Access(-1.01%) and UBA(-0.71%).
Market turnover however improved to N3.1bn ($8.6m), buoyed mainly by offshore crosses in Access ($3.8m) and Guaranty($1.1m). The YTD loss on the NSEASI widened to -15.42%. We expect the market to maintain a similar trading pattern in the next session.