The lull in the Nigerian equites market persisted in today’s session as the All Share Index finished up marginally by 7bps to settle at 24,132.30 points. Despite the expectation of Q2 earnings publication of quoted companies, investors remained on the sideline as macroeconomic headwinds continues to bite hard. The slight upward movement in the broad index was on account of gains amassed in Airtelafri (+3.44%) as well as Dangsugar (+5.17%), Guaranty (+0.94%) and Access (-0.82%). On the flip side, NB (-9.84%), Jberger (-9.88%), Stanbic (-4.13%),FBNH (-0.98%), Zenithabnk (-0.32%) closed underwater.
Market turnover remained meagre at N1.7bn ($4.53m), boosted by fragmented trades in MTNN, Zenithbank and Nestle. The NSEASI ytd return moderated to -10.10%. We expect the market to maintain this trading pattern in the next session.