The NGX ASI (-0.12%) ended the day on a slightly negative note to settle at 100,365.17 points as market breadth closed negative with 20 losers against 15 gainers. Banking stocks like UBA (-5.07%), FBNH (-1.60%), Accessco (-1.03%), Fidelity (-0.93%) and GTCO (-0.11%) were the worst hit today. Dangsugar (-3.70%), Ucap (-4.27%) and Transcorp (-0.42%) also posted losses. On the bright side, Intbrew (+10.00%) and FCMB (+5.26%) topped the gainers. Elsewhere, index heavyweights like Geregu, Dangcem, Buacem and Buafoods closed flat with more pressure on the offer side.
Meanwhile, Zenith bank seeks to raise 5,232,748,964 ordinary shares of 50 Kobo each at N36 per share on the basis of 1 new ordinary share for every 6 existing ordinary shares held as of Wednesday, 24 July 2024. Fidelity, Accesscorp and GTCO also have their right issues and/or public offers ongoing.
Market turnover improved to N8.6 billion ($5.4 million), primarily driven by trades in Zenithbank, Accessco, FCMB, GTCO, Ucap and UBA. Year to date, the index is up by +34.22%. We expect the market to maintain its current levels in the next session.