The Nigerian equities market closed the month on a slightly positive note today, gaining 0.18% to end at 96,580.01 points. Oando continued its upward momentum (+9.94%), supported by gains in UBA (+4.79%), Transcorp (+7.27%), Stanbic (+3.45%), Total (+8.82%), and FBNH (+2.27%). However, these gains were tempered by losses in MTNN (-2.17%), Dangsugar (-2.82%), GTCO (-0.87%), Eterna (-9.95%), Julius Berger (-1.22%), UCAP (-2.93%), and Zenith (-0.26%), with Geregu and other heavyweights remaining flat.
Today’s market turnover was quite solid at N31.6 billion ($19.8 million), driven by major block trades, including approximately 120 million Julius Berger shares valued at N19.63 billion ($12.3 million). Oando and GTCO were also among the top traded stocks. The heightened trading activity was likely influenced by end-of-month portfolio rebalancing, as today marks the final trading day of August. Year-to-date, the index has gained 29.16%, although it recorded a month-on-month decline of 1.22%. We anticipate the market to remain around current levels when the new month starts.