Trading activities in the domestic equities market closed on a positive note as the NGXASI appreciated marginally by +0.23% to settle at 38,962.28 points. The performance was driven by gains recorded in Okomoil (+5.77%), Nascon (+4.59%), as well as upticks in some Oil & gas stocks ;Conoil (+3.87%), Eterna (+4.95%),and Oando (+2.49%). Also, renewed interest in select banking stocks: Access (+4.07%), ETI (+2.91%), Zenithbank (+2.84%), Fidelitybk (+1.66%), GTCO (+1.28%) and UBA (+0.67%) contributed to the broad index’s northward movement. Nevertheless, Presco (-8.18%), Total (-3.61%), Flourmill (-0.85%), Afriprud (-0.78%) and Honyflour (-0.52%) all declined.
Market turnover was impressive at N 6.45bln ($15.62 mln) though boosted by block trades in FBNH, MTNN and Seplat. The YTD return on the NGX index moderated to -3.25%. We expect the market to maintain a similar trading pattern in the coming session.
