It was another dull trading session on the NGX today and the market index came to a flattish close (-0.01%) amid tepid demand. Market breadth was balanced with equal number of advancers and decliners. Key movers on the day included Stanbic (+1.55%); UACN (+1.44%) and FBNH(+0.69%) which were countered mainly by slight contractions in banking counters Access(-0.60%); Guaranty(-0.85%) and Fidelity (-1.72%).
Market turnover remained low at N1.95bln ($4.7mln) boosted by block trades involving mainly locals in Buacem and UACN. The NGX index retreated by -2.93% w/w, while YTD return further widened to -4.83%. We expect the market to open on a similar note in the coming week.