The NGXASI dipped by -0.67% to settle lower at 96,928.50 points as intraday gains were not sustained. This negative movement was fueled by a 9.99% drop in Buacem. Other notable laggards were, GTCO (-1.44%), Transcorp (-1.82%), Fidelity (-1.86%) and FCMB (-3.14%). On the positive side, Oando (+9.89%), UBA (+3.45%), MTNN (+0.45%), Dangsugar (+3.61%), Zenithbank (+1.39%), Nascon (+10.00%), Ucap (+9.74%) and FBNH (+0.24%) enjoyed gains.
Market turnover was decent at N6.7 billion ($4.2 million), predominantly driven by trades in UBA and Oando. Year to date, the index is up +29.63%. We anticipate the market to sustain its current trend in the next session.