The NGX All Shares Index closed the week flattish at -0.07% to settle at 108,497.40 points. Activities tilted slightly towards the bears following weakness in Oando(-4.92%) as well as pressure in banking counters – Zenithbank(-1.10%), UBA(-1.19%), Accesscorp(-1.49%), FBNH(-0.81%), Fidelitybk(-1.08%) and FCMB(-1.84%) amongst others. Paring some of the losses, Dangsugar(+8.95%), GTCO(+1.04%), Wapco(+0.78%), PZ(+5.88%) and Champion(+9.87%) closed the day positive. Nonetheless, market breadth was negative.
Market turnover at N8.4 billion( $5.5million) hovered around current levels supported by fragmented trades in Zenithbank, UBA and Wapco. The Index has returned +5.48% Year-to-date. We expect investors to maintain the cautious approach in the coming week, ahead of earning announcements.