The Nigerian equities market started the week on a muted note, as the All-Share Index shed 43bps to close at 108,261.47 points, dragged lower by profit-taking in large-cap names and dividend-related markdowns. MTNN (-2.07%) led the decline, continuing to weigh on overall sentiment, alongside losses in Nigerian Breweries (-2.46%), Fidelity Bank (-2.00%), Dangote Sugar (-2.26%), Sterling Financial (-5.79%), and FCMB (-3.13%).
Dividend markdowns also pressured the index, with WAPCO (-4.88%) trading ex-dividend for a ₦4.00 interim dividend, NAHCO (-9.64%) ex-div for a ₦5.94 final dividend, and Seplat (-1.95%) marked down for a final dividend of $0.036 and a special cash dividend of $0.033.
On the flip side, a few gainers provided modest support, including Oando (+4.41%), Beta Glass (+9.99%), UCAP (+5.57%), and First Holdco (+0.97%).
Market turnover came in at ₦10.7 billion (US$6.7 million), with activity largely dominated by block trades in MTNN, which accounted for ₦4.34 billion. Outside of that, flows remained subdued, although there were pockets of interest in Zenith Bank, AccessCorp, and VFD Group. We expect a cautious but mixed tone in tomorrow’s session, as investors continue to digest dividend adjustments and await fresh catalysts.