The NGXASI commenced the new week on a negative note, slipping by 0.73% today to close at 97,881.75 points. This downturn was largely attributed to a decline in Buacaem, which was printed lower and traded ex-dividend today with a N2 per share payout, contributing to its drop. Other underperformers were Transcohot (-1.42%), Zenithbank (-0.77%), GTCO (-0.65%), Accessco (-1.02%), Wapco (-0.81%), Fidelity (-1.42%), Transcorp (-0.88%), UBA (-0.43%), Ucap (-01.57%) and Flourmill (-2.61%) which was marked down for a dividend of N1.80 per share.
Conversely, Oando (+9.98%) continued its rally and Dangugar (+9.95%), Jberger (+10.00%), Total (+9.98%), FBNH (+1.78%) and Nascon (+10.00%) recorded gains.
Market turnover was decent at N11.8 billion ($7.3million), primarily driven by trades in GTCO with considerable offshore interest. Year-to-date the index is up by +30.90%. We expect the market to hold steady in the coming session.