The Nigerian equities market closed lower for the fourth consecutive day this week, as the ASI slipped by 5bps today. Sell pressure continued to hold sway particularly in banking tickers – Zenithbank (-1.37%) and Accesscorp(-1.79%). Other declines in the banking space include First HoldCo(-0.25%), Jaizbank(-2.69%) and FCMB(-1.64%). Weakness in Custodian(-6.98%), Unilever(-3.64%), Nahco(-3.02%), UAC Prop(-6.23%) and Aiico(-4.46%) also contributed to the day’s weak performance. Bucking the trend, UBA(+1.16%), NB(+2.00%), Wemabank(+2.37%) and Wapic(+4.26%) firmed up and closed the day positive while large cap stocks like Geregu, Buafoods and Seplat remained on full offer as at close of market today.
Market Turnover was N6.2billion($4.06million) boosted by trades in Zenith Bank, NB and Fidelity Bank. We anticipate the market to continue its negative streak in the coming session.