The Nigerian equities market halted its losing streak to close the day positive, up by 10bps and settling at 104,962.96 points. Today’s performance was on account of rebound in select counter, specifically UBA(+5.75%), Oando(+5.59%), Fidelity(+5.29%), Transcohot(+1.49%), Unilever(+3.64%), ETI(+1.38%), Custodian(+4.50%) and Accesscorp(+0.45%) all appreciated and provided support to the broad index. Although market breadth turned positive today, GTCO(-3.00%), Zenithbank(-2.67%), Dangsugar(-1.91%) and Wapic(-9.39%) remained pressured on the sell side. FirstHoldCo, Geregu, Seplat, Dangcem all closed flat.
Market turnover was decent at N14.2 billion($9.2 million) supported by an off market cross-trade in Seplat ($3.3million) and market trades in Transcorp hotels, Fidelity bank, Zenitbank and MTNN mainly involving domestic investors. In the coming week, we expect investors to remain cautious in anticipation of earnings report.