The NSEASI remained flat with a return of +1bps, courtesy of gains in the banks which masked the negative market breadth. Weak market sentiments witnessed in recent times persisted and activity levels were subdued for the most part of the day. Guaranty (+2.50%) advanced alongside other banks – FBNH (+0.62) and UBA (+0.65%) though UBN (-7.04%) and Zenith (-0.91%) bowed to selling pressure. NB (-0.37%) and Dangflour (-4.55%) stumbled to pull the consumers into the negative territory by -8bps.
Market turnover improved to N2.8bn ($7.8m), dominated by local crosses in Wemabank ($3.5m) and complemented by offshore crosses in Guaranty ($0.7m) and Zenith ($0.4m). Ytd loss on the index stood at -1.90%. We expect the market to trade sideways in the next session
