The Nigerian equities market commenced the second half of the year on a slightly negative note, dipping by 4 basis points to close at 100,020.81 points. Market breadth was nearly even, with 47 losers compared to 45 gainers. Leading today’s gainers were FBNH (+5.02%), Ucap (+6.79%), GTCO (+0.33%), Jaiz Bank (+5.13%), and Accesscorp (+0.26%). Conversely, declines in Zenith Bank (-2.52%), UBA (-0.89%), Intbrew (-5.54%), Fidelity (-1.96%), NB (-1.69%), Etranzact (-10.00%), and Transcorp (-0.77%) dragged the index down.
Major stocks like Bua Foods, Buacem, Geregu, and Dangem remained unchanged, with pressure on the sell side still.
Turnover was relatively lower at N3.7 billion ($2.4 million), mainly driven by trades in Ucap, Geregu, and GTCO. Year-to-date, the market index is up by +33.76%. We anticipate the market to sustain its current levels in the upcoming session.