At the close of trading activities on the Nigerian equities market today, the ASI relapsed by 22bps, breaching the 27,000 threshold to close at 26,974.38 points. Sustained weak sentiments toward equities market bellwethers weighed on the index’s performance as heavy weight MTNN (-3.45%) dragged the index lower. On the flip-side, Buacement (+3.48%), UBA (+4.83%) and Guaranty (+0.75%) all closed the session in the positive region. Meanwhile, investors reacted positively to the announcement of Dangote Cement Plc’s final dividend of N16.00/share for FY 2019, which represents a dividend yield of 9.4% at current price of N170.00 per share.
Market turnover trimmed to 2.74bn ($7.5 mln), though buoyed by mixed interest crosses in MTNN ($0.56 mln) and offshore interest in Access ($0.47 mln). The NSEASI ytd return tapered to +0.49%. We expect the market to maintain a similar trading pattern in the next session.