It was a quiet trading session in the Nigerian equities market as the ASI dipped marginally by 9bps today. The southward movement was due to sustained sell pressure in MTNN (-6.67%) coupled with notable weakness in ETI (-9.09%), FBNH(-7.69%), UBA (-2.17%), Guaranty (-0.84%) in the banking space. Also, Dangsugar (-3.02%) and CCNN (-2.95%) closed underwater. Despite the lull in the session, we saw positive movement in NAHCO (+8.96%), Oando (+5.88%), Nascon (+4.60%), Wapco (+1.82%), Access (+1.04%) at the close of the day.
Market turnover was meager at N1.7bn ($4.5 mln), buoyed by local interest in Zenithbank ($0.6mln), and fragmented trades in Access. The NSEASI ytd return moderated to -16.99%. We expect the market to maintain this trading pattern in the next session.
