Today, the NGXASI dropped 53bps to settle at 97,709.69 points, reflecting the general bearish sentiments. Seplat (-10.00%), Transcorp (-4.37%), PZ (-9.91%), Nascon (-7.50%), E-tranzact (-9.68%) and NB (-2.13%) were the index’s main drags, alongside UBA (-10.80%) which was marked down today for a dividend of N2.3 per share. Notwithstanding, these losses were partially offset by gains in GTCO (+1.81%), Zenith (+2.06%), Sterling (+5.38%), and FCMB (+2.53%). Meanwhile, Airtel, Geregu, and Dangcem all traded flat.
Turnover of N11.4 billion ($7.98 million) was mostly driven by a block trade in Notore. The Year-to-date value of the index is down to +30.67%. We expect market to trade around current levels in the next session