EQUITIES MARKET

Sell-offs in MTNN (-0.77%) & DANGCEM (-0.07%) resulted in a decline in the All Share Index to 26,365pts (-9bps).

ZENITHBANK led trades by volume (357.2mn units) and value (N6.2bn). Other top volume performers are Omoluabi (174mn units), Fidelity (31.8mn units), May Baker (28.0mn units) and GUARANTY (25.3mn units). Top traded stocks by value include ZENITHBANK (₦6.2bn), GUARANTY (₦666.3mn), MTNN (₦168.8mn), DANGCEM (₦134.7mn) and UBA (₦114.1mn).

SECTOR PERFORMANCE

Gains in STANBIC and ZENITHBANK spurred the Banking (+0.31%) sector. Buying interests in CUTIX and CCNN buoyed the Industrial Index (+0.19%). Oil and Gas Sector closed flat while Consumer Goods (-0.03%) & Insurance (-0.32%) sectors dipped.

INVESTORS SENTIMENT

Market sentiment sustained its bearish tune as 13 losers and 12 gainers emerged at the end of today's session. COURTVILLE (+10.0%) emerged the top gainer while ETERNA (-9.52%) bore the most losses.

MARKET INSIGHT AND OPPORTUNITIES

Today, the market saw earning releases from FBNH, UBA, OKOMU, AFRIPRUD & CAP. UBA experienced a growth in Interest Income (+10.8%), while FBNH (-3.0%) & AFRIPRUD (-28.8%) experienced declines. OKOMU (-6.8%) and CAP (+7.24%) printed differing revenue-growth performances.

We adopt UBA as the ticker of the day. UBA experienced positive movements in major financial line items - Gross earnings (+14.2%), interest income (+10.8%), Profit before tax (+24.2%) and Profit after tax (+32.3%).

FOREIGN EXCHANGE MARKET

The USD/NGN closed flat at $362.11 on the I&E FX Window today. Total turnover amounted to $132.4m, with trades ranging within $/₦357.00 and $/₦363.00 band.

MONEY MARKET

The Overnight lending rate and Open Buy Back rates contracted to 5.00% and 4.43% respectively.