The equities market closed the first session in August on a positive note with the index closing 0.11%. Gains in MTNN (+1.61%), Nascon (+6.87%) and recovery on Berger (+9.65) supported the equity broad index to finish in the green region. Other gainers includes UBN (+0.73%) CCNN (+0.41%), Flourmill (+1.33%) and FCMB (+1.23%) . Market breath closed in the negative region with the likes of FO (-8.14%), Intbrew (-4.00%), Access (-2.29%), Guaranty (-1.76%) and FBNH (-1.75%) closing underwater.
Turnover contracted to N1.8bn ($4.9m) on low investor appetite, albeit boosted by offshore crosses in Dangcem ($1.1m); Zenith ($0.3m) and by locals in MTNN ($0.7m). Ytd loss of -11.71%. We expect the market to maintain the same trading pattern in the coming session in the absence of fresh incentives.