The Nigerian equities market experienced a bearish performance today, with the NGX All-Share Index (ASI) declining by 1.02% to close at 108,053.52 points. This downturn was primarily driven by a significant 10.00% loss in BUAFOODS, exerting considerable pressure on the index.
Additional contributors to the market’s weakness included ARADEL (-6.90%), STANBIC (-5.43%), TRANSCORP (-1.64%), FBNH (-1.67%), FIDELITYBK (-2.01%), UBA (-0.77%), NB (-2.80%), and BETAGLAS (-5.74%).
On the positive side, the market saw gains in MTNN (+3.61%), DANGCEM (+1.24%), WAPCO (+1.50%), PZ (+7.32%), UPDC (+9.88%), NAHCO (+4.60%), and ZENITHBANK (+0.29%).
Market turnover was decent at N13.9 billion ($9.2 million), driven by significant trades in DANGCEM, PRESCO, ACCESSCORP, ZENITHBANK, and UBA. Year-to-date, the index has appreciated by 4.98%. Despite today’s setback, the trading week has been positive overall, with today’s decline breaking the recent winning streak. We anticipate that similar trading patterns may continue in the coming week.