An improvement in market activities today, although the ASI retreated further by 25bps. Weakness in market heavyweight Dangcem(-1.30%), MTNN (-0.71%) and Guinness (-2.96%) largely dragged the broad market tracker into the negative region. Other laggards include Glaxosmith (-2.72%), Zenithbank (-1.35%), Nestle (-0.01%) and Uac-Prop (9.38%). Meanwhile investors showed positive sentiment toward Access (+5.11%), and UBA (+0.83%) in the banking space, while Intbrew (+5.00%), Dangsugar (+3.38%) and NB (+0.96%) closed higher in the consumer goods space.
Market turnover improved to N7.92bn ($21.84m) and was boosted by offshore related crosses in NB ($9.6m), Access ($1.45m)Nestle ($1.13m) and mixed interest in Custodian ($1.36 m) The Ytd return dipped further to -13.20%. We expect the market to maintain the same trading pattern the coming session.
