The market’s comeback from yesterday was temporary, as the Nigerian equities market (-0.40%) closed lower today to settle at 99,311.54 points. Last weekend’s news of FBN’s leadership shift has caused a drop in FBNH (-9.88%), trading on full offer. Also in the banking sector, Fidelity (+7.78%) and UBA (+0.66%) appear to be standing their ground, while Accesscorp (-4.46%), GTCO (-2.59%), and Zenithbank (-5.01%) are still underwater. Elsewhere, Lafarge (+7.46%) and Transcorp (3.47%) have both gained some points and are today’s key gainers though market breadth still closed negative. Still on full offer, index heavyweights like Dangcem, Airtel, and Geregu have not yet had any significant traded volumes.
Trades in Transcorp, UBA, Access, and Zenith helped to drive the N7.2 billion ($6.3 million) turnover. The year-to-date value of the index is now+32.82%. We expect a similar trading pattern in the upcoming session.