The NGXASI continued its free fall today as the local bourse closed 52bps lower to settle at 102,367.97 points. Top tier lenders – GTCO (-7.73%), UBA (-4.94%), Zenithbank (-3.37%), Accesscorp (-3.89%) and FBNH (-1.29%) were all under waters with a read across effect on other banks: Fidelity (-10.00%), Jaiz (-9.69%) and Sterling (-4.60%). Elsewhere, Transcorp (-6.35%) and Dangsugar (-0.94%) also closed negative. However, Oando (+6.77%) and NB (+0.18%) salvaged some points today.
Market turnover of N7bn ($5.95m) was boosted by trades in MTNN and UBA. We expect similar trading patterns in the upcoming session.