Trading activities on the Nigerian equities market closed on a negative note as the ASI (-0.74%) slipped further today, to close the month at -6.16% m/m. Beyond market expectation of a rise in fixed income securities’ yields, today’s sell off was aggravated by end of month portfolio re-balancing. For specifics, key laggards were Mtnn (-3.28%),Wapco (-2.94%), Intbrew (-3.65%), Zenithbank (-1.55%), UBA (-0.61%),Dangsugar (-0.55%) and Guaranty (-0.16%). Though most stocks finished flattish, mild gains in CAP (-2.63%), Presco (+1.91%),Access (+1.85%), Fidelitybk (+0.83), Fcmb (+0.66%) and Guinness (+0.22%) salvaged some valuable points in the day.
Market turnover was meagre at N2.44bln ($6.38mln) though boosted by trades in Zenithbank,Guaranty and Fbnh. Year to date performance tarpered to -1.17%. We expect the market to maintain a similar trading pattern in the coming session.