The equities market ended a mixed session lower (-0.34%) as weakness in consumer brands outweighed earnings excitement. The release of strong quarterly numbers by Flourmill spurred demand in the stock, pushing prices up +10.05%. The positive vibe from Flourmill spread to some companies that recently raised capital such as Unilever(+0.68%) and Wapco(+4.57%). There was however no read across to major consumer stocks; brewers such as NB(-2%) and Intbrew(-4.92%) fell on profit taking and weak demand respectively. PZ(-4.88%) and Dangsugar(-0.24%) also closed lower. Banking stocks were mixed – Guaranty(+0.41%) and Access(+0.39%) ticked higher on improved foreign demand while UBA(-1.17%) and tier II banks fell on profit taking.
Turnover remained decent at N7.7bn ($21.3m) buoyed by another 10m cross in NB($4.1m) and trades in tier I banks – Zenith($4.1m) and Guaranty($2.9m). Ytd return declined to +15.95%, we expect the market to trade sideways in coming sessions.
