The NGXASI (+0.05%) closed marginally positive today, recovering from intraday losses to settle at 98,176.58 points. Activities in blue-chip MTNN (+2.68%) as well as gains in Transohot (+3.03%), PZ(+1.85%) and NB (+0.43%) helped in the Index’s recovery although market breadth remained negative. Weakness was prevalent in top banking counters – UBA (-4.35%), Zenith (-3.05%), GTCO (-1.38%), Fidelity (-3.37%) and FBNH (-0.22%) while activities in heavyweights such as Dangcem, Airtel and Geregu remained muted today.
Market turnover of N6.7bn ($4.5m) was boosted by block trades in Accesscorp while the YTD performance on the index now stands at +31.30%. We expect the market to trade sideways in the coming session.