The equities market fell with global markets today as interest rate anxieties and risk off from developed markets filtered into the local bourse sparking fresh sell-off across the board. As is typical, liquid stocks such as banking counters were the worst hit – Zenith(-4.44%) and UBA(-2.43%) dropped amid the carnage, tier II banks closed on net offer while Guaranty(-0.71%) and Access(-0.78%) showed some resilience with investors sustaining bets in them. Consumer stocks also got hammered – Flourmill(-4.71%), Unilever(-4.43%) and Cadbury(-4.19%) all dropped on risk aversion. A few stocks however bucked today’s hit, Stanbic(+2.17%) and PZ(+1.48%) both jumped on earnings expectations.
Turnover improved to N4.9bn ($13.5m) buoyed by a 3.3mln cross in NB involving foreign investors and decent activities in Guaranty and Zenith. Today’s -0.87% loss cut ytd return to +14.73%, we expect the market to tick lower in coming sessions on risk aversion.