The Nigerian equities market started the week on a positive note, as the benchmark index went up by 30bps to settle at 99,971.64 points. Zenithbank (+5.26%), MTNN (+1.50%), Presco (+3.79%), FBNH (+1.57%), Transcorp (+2.56%), Ucap (+5.63%), Accesscorp (+0.79%), UBA (+0.44%), FCMB (+1.99%) and GTCO (+0.22%) led the gainers chart, thereby pushing the market into a positive trajectory. However, losses were recorded in Oando (-2.44%), Wapco (-0.83%), Intbrew (-4.20%) and Jaizbank (-5.78%).
Meanwhile, index heavyweights like Buafoods, Dangem, Buacem closed unchanged and were quiet throughout the session, while Geregu showed signs of weakness intraday but did not print price.
Market turnover was decent at N7.4 billion ($4.6million), largely driven by crosses in GTCO with some foreign activity observed. Year to date, the market is up by +33.70%. We expect the market to maintain its current levels in the next session.