The NGXASI ended the week on a negative note down by 37bps today to close at 97,612.51 points. Today’s bearish performance was due to sell pressure experienced in banking giant FBNH (-9.31%) in reaction to its FY 2023 corporate actions announcement, ETI (-9.98%), UBA (-400%), Zenith (-2.76%), Transcorp (-4.55%), Dangsugar (-2.38%), Intbrew (-8.52%), PZ (-10.00%) and Access (-0.61%) all declined to contribute abysmal performance. On the contrary, GTCO (+0.81%), Fidelity (+3.75%) and Jaiz Bank (+8.00%) closed higher to salvage some valuable points during the day. Elsewhere, other index heavyweights like Dangcem, Nestle, Airtel, Geregu and others closed flat.
Turnover skyrocketed to N15.7bln ($10.9mln), boosted by block trades in ETI involving offshore interests. The year-to-date return on the ASI has dropped further to 30.54%. We expect the market to trade around current levels in the coming sessions.