The local stock market wrapped up the day on a slightly bearish note, slipping by 16 basis points after enjoying two consecutive days of gains. It settled at 99,630.51 points as initial gains intraday were not sustained. Notable gainers for the day included GTCO (+2.62%), Presco (+9.97%), Accessco (+1.85%), Total (+9.98%), NB (+3.57%), Guinness (+8.41%), UCap (+5.54%), Zenith (+0.57%), Fidelity (+2.04%), Seplat (+0.26%), and Stanbic (+0.38%). However, their positive performance was overshadowed by a downturn in telecom giant MTNN (-4.04%). Other key losers were ETI (-2.47%), Nascon (-9.91%), Transcorp (-2.27%), FBNH (-0.43%), and Sterling (-1.25%). Meanwhile, major players like Dangcem, Geregu, Airtel, BUACem, BUAFoods, and Jberger remained unchanged.
Noteworthy today, is a report on Tolaram acquisition of 58.02% stake in Diageo, leading to investors demand in Guinness shares. Also, Afreximbank injecting $40 billion to Fidelity bank to support the lender’s acquisition of Union bank UK and recapitalization efforts.
The day saw significant turnover totaling N16.6 billion ($11.1 million), largely driven by block trades in Fidelity, NB, Zenith, Seplat, ETI, and GTCO. Year-to-date, the index has is up by +33.24%. We expect the market to trade near or at current levels in the upcoming session.