The Nigerian equities market started the week on a quiet note, as the ASI dipped by 6bps to close in the negative region. Losses in select banking stocks; Zenithbank (-0.63%), ETI (-2.30%), Access (-1.61%) and FBNH (-1.00%) contributed the most to the southward movement recorded. While most stock closed flattish, Glaxosmith (+9.47%), Ardova (+7.17%) and Fidelitybk (+1.70%) advanced in the session.
Market turnover was N2.1bn ($4.30m), boosted mixed interest in Guaranty and UBA. The NSEASI ytd return dipped further to -9.56%. We expect the market to maintain this trading pattern in the next session.