The Nigerian equities market commenced the week on a quiet note, as the ASI dipped by 22bps to close in the negative region. Losses in heavy weight Dangcem (-0.69%) coupled weakness in some banking stocks Zenithbank (-1.43%), UBA (-0.87%) and Access (-0.68%) contributed the most to the southward movement recorded in the equities market. Despite the expectation on Q3 earnings of quoted companies, investors exhibited a wait and look approach towards this risky asset class. While most stock closed flattish, ETI (+1.43%) was the only gainer in the banking space at the close of today’s session.
Market turnover was meagre at N1.3bn ($3.6m), boosted by fragmented trades in Dangcem, Nestle and Guaranty with off shore interest. The NSEASI ytd return dipped further to -16.04%. We expect the market to maintain this trading pattern in the next session.