The equities market fell for the fourth consecutive session today as losses in index heavy weight – Dangcem(-3.29%) offset fresh optimism in some blue chips. Investors’ sentiment was mixed across sectors – banking stocks such as Stanbic(-4.96%), Guaranty(-2.02%) and tier II banks dropped amid sharp profit taking while UBA(+4.08%), FBNH(+4%) and Access(+3.93%) advanced on strong demand by foreign investors. Consumer stocks also traded mixed – Flourmill(+2.67%) and Nestle(+1.69%) gained on decent demand. On the flip side, Guinness(-3.45%) and Unilever(-3.26%) fell with the bearish mood. Upstream major – Seplat(+1.11%) traded close to its all-time high on a mix of thin liquidity and rising oil prices.
Turnover stayed decent at N6bn ($18.29m) boosted by an array of crosses in Zenith($4.6m), Guaranty($3.7m) and Access($1.5m). Today’s -0.99% loss trimmed ytd return to +13.82%, we expect the market to find support tomorrow on value buying.