The Nigerian equities market kicked off the week on a negative note, down by -0.24% to close at 96,205.85 points though market breadth was positive featuring 32 gainers versus 20 losers. The downturn was driven by losses in Transpower (-9.99%), Jberger (-10.00%), Zenith Bank (-1.33%), Transcorp (-3.08%), Access (-1.33%), Dangsugar (-1.26%), PZ (-5.26%), and WAPCO (-0.55%). On the other hand, Oando extended its positive streak, gaining +9.95% and trading on full bid throughout the session. Additional strong performers included FBNH (+8.84%), Custodian (+9.73%), and UACN (+9.81%).
Trading activity was robust today, with market turnover reaching N14.6 billion ($9.1 million), driven by significant volumes in Zenith Bank. Around 173 million shares of Zenith Bank were traded at an average price of N37 per share. The year-to-date performance remains positive, with the index up +28.66%. As we move into the next session, we expect mixed market sentiments as investors adjust their positions in anticipation of more half-year earnings reports.