The Nigerian equities market ended the day on a negative note, marginally down by 0.15% today to settle at 97,100.36 points. Today’s performance was due to the sustained sell pressure in Oando (-9.94%) and weakness in Dangsugar (-3.52%), ETI (-4.65%) FBNH (-2.31%), Accessco (-1.29%) and NB (-2.03%). On the bright side, Zenithbank (+2.30%), UBA (+2.51%) and Total (+8.82%) tried to salvage the index with some valuable points but were not able to put the market into a positive trajectory as market breadth closed negatively, featuring 31 losers versus 13 gainers.
Market turnover stood at N3.5 billion ($2.2 billion), primarily driven by block trades in GTCO. Year-to-date the index is up by +29.86%. We expect the market to trade near or at current levels in the coming session.