The Nigerian equities market traded relatively flat, slipping by just 4 basis points (bps) as mixed sentiment persisted. Gains in BUA Foods (+1.83%), DangSugar (+2.70%), FCMB (+3.33%), NASCON (+3.06%), Beta Glass (+4.88%), MRS Oil (+2.78%), and a few penny stocks were largely offset by declines in banking stocks, including AccessCorp (+2.18%), Zenith Bank (+0.99%), Fidelity (-2.63%), GTCO (-0.72%), and FBNH (-0.32%), as well as losses in Oando (-1.51%) and Nigerian Breweries (-2.86%).
Market turnover closed at ₦8.4 billion ($5.6 million), with notable activity in GTCO, Zenith Bank, UBA, Transcorp, and a block trade of approximately 130 million Ellah Lakes shares. Year to date, the index is up by 5.48%. With the MPC holding rates steady, fixed-income yields are expected to trend lower, while banks may continue to benefit from the high-interest rate environment. We expect the market to trade cautiously in the next session as investors digest the committee’s decision and its broader implications.