Mixed sentiments amongst market large caps left the NSE ASI marginally lower by -0.32% today as the laggards generally outweighed the advancers. Late gains from likely market on close orders in MTNN (+1.49%), Zenith(+1.60%) and Access (+3.03%) were offset by heavier declines in the likes of Seplat(-9.82%) and Total(-8.79%) albeit on light volumes coupled with slowdown in Dangcem(-1.20%) and banking names including Guaranty(-3.04%); ETI (-9.15%) and FBNH(-1.98%). The consumers were also down- Intbrew (-7.14%); UACN(-2.91%), Unilever (-1.69%) though PZ(+5.93%) and Nestle (+0.65%) ticked up. Market breadth was negative with almost 2 losers recorded for every gainer.
Market Turnover improved to N4.53bln ($12.4m) thanks mainly to offshore crosses in MTNN ($4.5m) and Guaranty ($1.0m). The Ytd loss on the index widened to -12.18%. We expect the market to maintain a similar trading pattern in the next session.