A combination of global jitters and pull back in index heavyweight – Dangcem sent the bourse down -0.85%. Foreign investors booked profits from recent gains in Dangcem(-2.88%); Wapco also dropped -1.85% on increased offers. Investors’ sentiment was mixed in banking stocks – UBA(-3.14%), Access(-0.39%) and tier II banks fell on risk aversion while top tier Is – Zenith(+2.19%) and Guaranty(+0.61%) advanced on low liquidity. Consumer brands such as PZ(+2.38%), Dangsugar(+1.69%) and NB(+0.35%) posted decent gains
Investors’ apathy increased today capping turnover at a month low of N2.76bn ($7.6m). Today’s loss trimmed ytd return to +15.74%, we expect the market to trend lower in coming sessions on weakness in large caps.