The bears sustained dominance of Nigeria’s equities market as the broad index, NGXASI slipped by -0.05% to settle at 38,852.69 points. Sell pressure in Ucap (-5.00%), Access (-3.37%), Cutix (-2.08%), Vitafoam (-1.96%), UBN (-1.00%), UBA (-0.65%), UACN (-0.50%), GTCO (-0.18%) and Stanbic (-0.15%) underpinned the day’s performance. Nevertheless gains in Conoil (+9.84%), ETI (+0.95%), Fidelitybk (+0.42%) and Wapco (+0.22%) salvaged some valuable points.
Market turnover was N 1.51 bln ($3.70 mln) though boosted by fragmented trades in GTCO, Zenithbank and UBA. The YTD return on the NGX index stood at -3.52%. We expect the market to maintain a similar trading pattern in the coming session.