The NGXASI slipped by -0.40% today, as the Nigeria’s equities market closed the day’s session to settled at 105,375.69 points. Market performance was on account of a drop in cement major, Buacem (-10.00%) as well as decline in UBA(-2.61%), Wemabank(-4.19%), Accesscorp(-0.64%), FirstHoldCo(-0.65%), GTCO(-0.25%), Oando(-0.69%), Nem Insurance (-2.88%) and Guinness(-1.13%). Notwithstanding the decline, there were some positive sentiments in Transcorp Hotel(+6.26%), Custodian(+9.69%), Nascon(+5.90%), Zenithbank (+0.42%), Wapic(+7.02%), Jaizbank(+3.05%) and UAC Prop(+6.07%).
Market turnover was N8.2billion ($5.3 million) spurred by trades in top tier banking counters – Zenithbank, Accesscorp and GTCO, as well as Aradel and Nahco shares. The equities market has returned +2.38% year-to-date. We expect investors to maintain a cautious approach in the coming session, as the market approach earnings report season.