The Nigerian bourse closed down by 47ps due to sell pressure on heavy weights Seplat (-2.94%), MTNN (-0.77%) and Guaranty (-1.61%). Meanwhile, FO (-9.37%) also dipped as investors continue to take profit on the back of the block divestment which was consummated last week. The banking index closed underwater underpinned by sell pressures on Zenithbank (-0.25 %) and Stanbic (- 1.60%). On the flip side, CCNN (+9.47% ) recovery liberated the industrial index from Wapco’s(-3.75%) decline.
Market turnover was down by 59.61% to close at N4.12bln ($11.4m), with crosses on Guaranty($ 4.4m) Zenithbank ($ 1.2m) and NB ($0.9m) mainly by internationals as major blocks. Ytd returns on the index closed lower at -5.63%. We expect the market to trade sideways in the coming session.