The bears dominated the equities market today as the benchmark index closed lower by -0.15% to settle at 97,978.26 points. GTCO (-2.63%), Access (-2.94%), Fidelity (-5.58%), UBA (-1.72%), Sterling (-4.00%) and Zenith (-0.48%) were the biggest losers as we saw the banks, especially the Tier one counters under increased sale pressure, leading to -1.42% decline in the banking index, though FBNH (0.00%) closed flattish, whilst FCMB (+1.47%) was positive. Transcorp (-1.35%) was another major laggard, but oil and gas heavy weight; Seplat (+1.28%), salvaged some valuable points. Activities in large cap stocks such as: Dangcem, Geregu, Airtel and Nestle were mute.
Turnover was fair at N7.7 billion ($5.4 million) with trades in Jberger, GTCO, UBA and Zenith and Seplat leading the value traded. The index’s year-to-date return moderated further to+31.03%. We expect a similar trading pattern in the upcoming session.