The NGXASI ended the day on a negative note, dipping by 0.50% today to close at 97,390.01 points. This downtrend was mainly due to losses in Buacem (-3.94%) and profit taking in Oando (-9.97%) halting the stock’s rally. Other notable laggards today were Zenithbank (-4.02%), UBA (-4.37%), FBNH (-3.93%), Nestle (-1.23%), ETI (-1.60%), Fidelity (-1.44%) and Accessco (-0.52%).
On the reverse side, Dangsugar (+9.05%), Jberger (+7.44%), Wapco (+0.82%), Nascon (+3.90%) and Stanbic (+0.47%) finished higher.
Market turnover was robust at N13.9 billion ($8.8 million), primarily driven by trades in GTCO, Nestle, Oando, Jberger and Access. Year-to-date the index is up by +30.25%. We expect the market to hold steady in the coming session.