The local bourse ended the week on a slightly positive note, with the benchmark index inching up by 0.02% to close at 99,300.62 points today. After three consecutive weeks of losses, the NGXASI finally rebounded, rising 1.73% week-on-week. Leading today’s gainers were Oando (+8.26%), Fidelity (+3.03%), GTCO (+0.50%), Jaiz (+5.56%), Nestle (+0.56%), and Ucap (+2.49%).On the flip side, UBA (-1.77%), MTNN (-0.22%), ETI (-1.26%), and NB (-0.19%) saw declines. Heavyweights like Dangcem, Geregu, Juberger, BUA Foods, BUA Cement, and Airtel remained flat. This week’s standout performers included Fidelity (+22.89%), Dangsugar (+20.51%), and Nascon (+20.15%).
Turnover today was N8.6 billion ($6.2 million), bolstered by block trades in Zenith and GTCO, as well as fragmented trades in Access involving mixed interests. The year-to-date return on the ASI improved to 32.80%, with a 1.09% month-on-month gain in May. We expect similar trading patterns in the coming month.