It was another day of decline in the equities market as the ASI closed down by 0.43%. The downward trend was largely on account of persistence sell pressure in few banking names; UBA (-4.31%), Zenithbank (-2.68%), Guaranty (-1.49%) and FBNH (-1.00%) which dipped at the end of today’s session. Meanwhile, MTNN(+1.12%) closed on a positive note despite the markdown for N2.95 interim dividend while Wapco (+4.53%), Custodian (+9.09), Oando (+1.37%) and FO (+1.19) finished stronger.
Turnover improved to N4.4bn ($12.4m) and was boosted by offshore related crosses in Guaranty ($9.28m). The equities market recorded -1.17% wtd while Ytd return worsened to -13.12%. We expect the market to maintain the same trading pattern in the absence of incentives.