The Nigerian equities market edged lower today, declining by 32 basis points to close at 96,204 points. Despite this, market breadth remained positive with 56 gainers outnumbering 32 losers. The market’s downturn was largely driven by a 7.91% drop in MTNN. Other notable decliners included Access Bank (-0.78%), Jaiz Bank (-6.25%), FBNH (-0.44%), Wema Bank (-3.85%), and NASCON (-2.33%).
On the upside, Oando (+9.94%) continued its rally, while ETI (+6.60%), Julius Berger (+9.76%), Zenith Bank (+1.05%), Dangote Sugar (+2.63%), UBA (+0.89%), GTCO (+0.33%), UCAP (+2.97%), and Eterna (+9.84%) also posted gains.
Market turnover stood at N4.5 billion ($2.8 million), with Oando leading trading activity. Year-to-date, the index is up by 28.66%. We anticipate the market will hold steady in the upcoming session.