Trading activities on the Nigerian equities market closed on a negative not as sell pressure in heavy weight Mtnn (-2.91%) dragged the ASI southward by -57bps in the day. Also, weakness in Glaxosmith (-5.56%), Access (-3.61%), UBA (-2.08%), Unilever (-1.83%), Stanbic (-0.97%), Wapco (-0.67%), Guaranty (-0.45%) and Zenithbank (-0.22%) contributed to the day’s performance. Nevertheless Guinness (+7.28%),CAP (+5.71%), Aiico (+3.31%), Fidelitybk (+2.58%), Dangsugar (+2.41%), and Oando (+0.32%) all advanced.
Market turnover was N2.80bln ($7.40mln) buoyed by block trades in Seplat as well as fragment trades Zenithbank, UBN and Guaranty. Year to date performance edged lower to -3.04%. We expect the market to maintain a similar trading pattern in the coming session.
