The Nigerian equities market halted its gains of recent days as the NGXASI dipped by 19bps today to settle at 98,049.04 points. Today’s performance was on account of profit taking in FBNH(-8.55%), as well as weak sentiments in Oando(-4.76%), GTCO(-0.32%), Wapco(-1.22%), Dangsugar(-0.97%) and Flourmill(-1.75%). Although Stanbic, Dangcem, Buafood and Buacem were also looking weak, their prices remained unchanged. Geregu traded tiny volumes today and returned to being on full offer.
Fidelity (+9.73%), UBA(+2.71%), Sterling(+6.25%), Accesscorp(+0.51%) and Transcorp(+2.80%) closed in the positive region, however these gains were not sufficient to keep the broad index above water.
Market turnover was robust at N11.4billion($6.9 million) boosted by an off-market cross trade of 16m Dangcem shares ($2.9m) as well as a cross of 56m UACN shares earlier in the day. YTD, the market has returned +31.13%. We anticipate market to trade at current levels in the coming session.