The NGXASI (-0.71%) closed lower today as weakness persisted in top banking as well as consumer goods counters. GTCO (-10%), Accesscorp(-6.76%), FBNH(-6.71%), Zenithbank(-3.73%), Stanbic(-2.78%) and Sterling(-3.43%) declined on dwindling investor appetite for lenders, likely caused by a mix of less impressive dividend payout on FY’23 earnings as well as the recent CBN banking recapitalization announcement. Elsewhere, Dangsugar (-10%), Wapco(-5.77%) and Flourmill(-9.87%) also retreated on weak demands while on the bright side, Transcorp(+9.93%), UBA(+4.57%), Fidelity(+7.53%) Oando(9.61%) and UACN(+2.40%) closed positive.
Market turnover however improved to N21.6bn($17.3m) buoyed by trades in Zenithbank, GTCO, UBA and MTNN involving mixed interest. The YTD performance on the index further moderated to 36.83%. We anticipate a subdued trading session in the coming week.