The Nigerian equities market ended the trading day on a positive note, inching up by 5 basis points to 100,067.75 points. Market breadth was flattish with 22 gainers against 24 losers. Among the top gainers were some tier-one banks: Zenith Bank (+2.59%), GTCO (+1.88%), Accesscorp (+2.63%), and UBA (+2.25%). Jaiz Bank (+7.80%) also closed higher. On the downside, FBNH (-4.35%), Transcorp (-2.71%), Dangote Sugar (-2.33%), Oando (-3.33%), Flour Mills (-2.25%), Unilever (-3.06%), and FCMB (-1.31%) weighed on the index.
Index heavyweights such as Buafoods, Buacement, Geregu and Dangcem remained flat, with more sellers and little or no buyers in these large cap stocks.
Turnover slightly improved to N4.1 billion ($2.7 million), primarily driven by trades in UCAP, GTCO, and UBA. Year-to-date, the market index has increased by +33.83%. We anticipate the market to maintain its current levels in the upcoming session.