The Nigerian equities market experienced a southward movement today, as weak sentiment sent the ASI plummeting by -1.27% to close below 100,000 points. The performance was largely on account of sell pressure on banking counters; Wemabank (-10.00%), Sterlingng (-10.00%),FBNH (-9.97%), Accesscorp (-9.82%), UBA (-8.89%), GTCO (-8.75%) and Zenithbank (-5.94%). Also, negative movement in NB (-10.00%), Oando (-10.00%), Wapco (-10.00%), Dangsugar (-9.67%) and Uacn (-9.23%) contributed to the day’s outcome. On the contrary, PZ (+10.00%), Mansard (+1.53%), Nahco (+0.69%) were the silver lining in today’s session.
Turnover was N5.83bln ($3.7mln), buoyed by fragmented trades in Zenithbank , UBA, Transcorp and Accesscorp. The year-to-date return on the ASI decreased to 32.80%. We anticipate the same trading pattern in the coming session.
