The NGXASI (-0.06%) ended today’s session on a flattish note, and the month of July down by -2.25%. Mixed market sentiments today as declines in NB (-9.82%), Zenithbank (-2.22%), Ucap (-8.96%), Jberger (-5.83%), Nahco (-10.00%), Nascon (-8.81%), Unilever (-6.13%), Transcorp (+1.29%), Custodian (-3.78%) and Accesscorp (-0.27%) were countered by gains in FBNH (+4.75%), UBA (+2.53%) Oando (+1.83%), PZ (+6.06%), Sterling (+4.05%), UACN (+6.65%), Guinness (+2,31%), Fidelity (+0.95%) and GTCO (+0.11%) while blue chips stocks like Dangcem, Geregu, Buacem and Buafoods ended the day unchanged.
Market turnover was decent at N23.1 billion ($14.2 million), primarily driven by trades in Fidelity. Given that it is Earning season, we expect more financials released in the next couple of days and the market to react accordingly.