Trading activities on the Nigerian equities market closed on a negative note as the NGXASI edged lower by -0.36% to settle at 37,857.89 point. Today’s performance was on account of loses recorded in telecommunication giant Mtnn (-0.61%) and cement manufactures Buacement (-0.70%) and Wapco (-1.15%). Also, profit taking in some banking stocks; Fbnh (-2.60%), Zenithbank (- 2.20%), and ETI (-1.92%) contributed to the southward movement. On the contrary, GTCO (+0.34%), Fidelitybk (+0.87%), Eterna(+1.72%), and Nacho (+2.56%) advanced in the session.
Market turnover was N2.71bln ($6.57mln), boosted by trades in Zenithbank, and Mtnn as well as crosses in Airtelafri. The YTD return on the NGX index dipped to -5.99%. We expect the market to maintain a similar trading pattern in the coming session.