The local bourse ended the trading day flat (NGXASI: +0.00%), settling at 99,842.82 points. Though market breadth closed positive with 34 gainers versus 16 losers, declines in Transcohot (-10.00%), Fidelity (-4.15%) and FBNH (-0.45%) overshadowed gains in GTCO (+4.42%), Transcorp (+6.19%), Guinness (+5.66%), Unilever (+7.64%) and UBA (+0.68%). Other heavyweights, including Geregu, Airtel, Buacem and Buafoods closed flat.
Turnover was impressive at N25.3bln ($16.9mln), mostly boosted by crosses in FBNH with about 871 million shares traded worth over N19bln. We expect the market to trade near or at the current levels in the upcoming session.