The Nigerian equities market closed on a negative note, declining by 24bps to settle at 100,063.32 points. The biggest loser today was MTNN, dropping by 6.54%. Other decliners included Wapco (-1.41%) and Champion (-6.00%). Market breadth was neutral with 23 gainers and 23 losers. Though there were gains in Zenithbank (+4.46%), FBNH (+4.13%), UBA (+3.52%), Oando (+9.93%), ETI (+3.04%), Accesscorp (+1.54%), Conoil (+9.52%), and Transcorp (+1.20%), they were not enough to offset the overall decline. Major stocks such as Buafoods, Buacem, Geregu, and Dangem remained flat and inactive.
Turnover was robust at N12.6 billion ($8.3 million), mainly driven by block trades in Fidelity involving local investors and a significant block trade in GTCO with major foreign interest. Year-to-date, the market index has increased by +33.82%. We expect the market to remain stable in the next session.