The bullish stance in the Nigerian equities market came to a halt today as the All Share Index buckled by -95bps to settle at 28,634.35 points. Though activity level remained healthy in terms of volume and value traded across board, today’s weakness was on account of profit-taking in MTNN(-1.54%), Dangcem (-0.13%), Wapco (-4.27%), Guinness (-5.66%) as well as the banks; ETI (-8.89%), Zenithbank (-6.01%), UBA (-2.84%), Access (-2.58%), Guaranty (-1.59%) and UBN (-1.96%). Notwithstanding, CAP (+9.36%), FBNH (+1.64%), and Intbrew (+8.39%) moved against the tide to post positive performances.
Market turnover was N9.54bn ($24.85mln), supported by mixed crosses in Zenithbank, Guaranty, FBNH and Access. The NSEASI ytd return dipped to 6.68%. We expect the market to find support around current levels in the next session