The All Share Index of the NGX declined marginally by 11bps which is in continuation of the recent trend of apathy shown towards this risky asset class. Market mood was mostly muted as bargain hunters proceeded with caution. Intbrew (-10.00%), Stanbic (-2.30%), Zenith (1.27%) were the biggest losers by influence on the day whilst gains in FCMB (+9.32%), resurgence in PZ (+9.80%) amongst others salvaged valuable points. Large caps, Dangcem, MTNN, Airtel, Buacem stayed on the sidelines unchanged.
Market turnover was modest at $4.3m bouyed by trades in Zenith, Accesscorp and FBNH. Ytd return stood at 9.66%. We expect the market to continue to trade around current levels in the coming sessions.
