The Nigerian equities market closed the week on a positive note, rising by 23 basis points today, to 96,433.53 points, bouncing back from yesterday’s losses. Today, Oando reversed its course, surging 10.00% to top the gainers’ chart. Other strong performers included ETI (+4.78%), Zenith Bank (+1.35%), Transcorp (+3.18%), NB (+3.85%), Flour Mills (+4.71%), Stanbic (+0.86%), UACN (+10.00%), UBA (+0.43%), Ucap (+3.33%), FBNH (+0.23%), and Fidelity (+0.47%).
On the downside, MTNN (-0.56%), WAPCO (-3.20%), PZ (-9.52%), Access (-0.79%), GTCO (-0.22%), Nascon (-3.24%), Eterna (-6.25%), and Dangsugar (-0.56%) were among the notable losers. Additionally, a significant off-market transaction involving 11,858,887 units of Dangote Cement was executed today. While Dangote Cement did not print price, the stock showed signs of weakness in intraday trading, as did Geregu, Buacem, and Buafoods, though none printed prices.
Market turnover was strong at N12.0 billion ($7.5 million), driven by off-market trades in Dangote Cement and active market trades in Oando. Looking ahead, we expect the market to maintain its current momentum.