Weakness in a MTNN (-2.67%), NB (-8.37%), FBNH (-2.65%) and UBA (-1.34%) pulled the benchmark index down 8bps from its intraday gains to settle at 99,842.19 points today. These declines ousted gains recorded in Fidelity (+8.50%), GTCO (+1.90%), Transcorp (+3.20%), Presco (+4.06%), Guinness (+9.96%), Access (+1.88%), Okomu (+3.64%), Wema (+5.63%), Custodian (+8.02%), and Sterling (+3.03%) thereby kick starting the 3-day trading week on a negative trajectory. Other major index players such as Geregu, Airtel, Buacem, and Buafood remained flat.
Turnover was substantial at N16.5 billion ($11.0 million), primarily driven by last-minute block trade in Fidelity. Year-to-date, the index is up by +33.53%. We anticipate the market to trade near or at the current levels in the upcoming session.