The Nigerian Equities market commenced the week on a flattish note, as the NGXASI closed by a marginal +0.07% at 98,132.13 points today. The announced 70% windfall tax on 2023 FY realised FX gains for banks continue to have adverse effect on banking counters as Zenithbank (-3.63%), FBNH (-2.62%), UBA (-0.71%), and Fidelity (-0.47%) all closed weaker. Transcorp (-1.68%), Ucap (-2.95%), Nascon (-4.85%), NB (-1.34%), and Wapco (-0.54%) also lost points on the day.
In contrast, Oando continued its rally, rising +9.83% still on the court ruling favoring minority shareholders. Custodian (+9.80%), Conoil (+5.15%), and Stanbic (+0.56%) also posted gains. Dangcem remained under sell pressure after its price drop last week, while other large Cap majors like Geregu, Buacem, and Buafoods ended the day unchanged.
The market recorded a turnover of N8.7 billion ($5.5 million), driven largely by trades in UBA and GTCO. Year-to-date, the index is up by +31.24%. We anticipate the market to maintain its current levels in the next session.