The Nigerian equities market began the week on a negative note, declining 34bps to close at 108,126.97 points. The downturn was largely driven by weaknesses key banking and industrial stocks, including TRANSCORP (-3.14%), FBNH (-4.07%), ZENITHBANK (-2.02%), ACCESSCORP (-2.64%), UBA (-1.87%), OANDO (-2.37%), WAPCO (-0.51%), and DANGSUGAR (-0.97%). Despite the broader market weakness, select stocks saw gains, with PZ (+9.26%), IKEJAHOT (+10.00%), WEMA (+0.83%), and a few penny stocks providing some support.
Market turnover stood at N9.2 billion ($6.1 million), with most of the trading activity in ZENITHBANK, GTCO, MTNN, ACCESS, and WAPCO. Year-to-date, the index remains in positive territory, up 5.05%. Looking ahead, we expect the market to remain cautious. Volatility may persist as market participants reassess positions in response to shifting sentiments.