The Nigerian equities market started the week on a subdued note, declining by 136 basis points to close at 95,781.68 points. Despite the overall downturn, market breadth remained positive, with 31 gainers compared to 18 losers. The market’s weakness was mainly attributed to a drop in Dangcem (-10.00%), which weighed heavily on the index. Other notable decliners included Dangsugar (-5.29%), NB (-3.45%), FBNH (-0.95%), GTCO (-0.43%), and Access (-0.78%). Buafoods and Geregu showed signs of weakness during intraday trading but ultimately closed unchanged.
On the positive side, gains were recorded in Buacem (+3.73%), alongside rally in Oando (+9.90%) following the Agip oil deal. Other key gainers included Transcohot (+6.25%), Fidelitybank (+5.45%), UBA (+1.11%), Presco (+1.76%), and Transcorp (+1.86%).
Market turnover was N7.6 billion ($4.8 million), primarily driven by trades in GTCO. Year-to-date, the index is up by 28.10%. We anticipate the market to maintain its current levels in the next trading session.