The equities market started the week on a negative note as investors largely stayed on the sidelines in the absence of fresh cues on the upside. Large caps were a major drag, index heavyweight – Dangcem (-3.31%) dropped on more correction; thin liquidity in Nestle(-4.16%) and PZ(-8%) left buyers frustrated as crosses at lower levels hit both names early in the session. Major brewer – NB(-1.60%) dropped on its lower than expected full-year numbers. Investors’ sentiment was mixed in banking stocks – Zenith(-2.19%) and UBA(-1.23%) lost on strong foreign selling while tier II banks fell on the recent CBN directive on dividend payments. On the flip side, Guaranty(+2.15%) and Access(+0.40%) advanced on decent foreign demand.
Turnover fell to its lowest level since the opening week of the year partly impacted by a mix of holiday in the US and fresh apathy. Investors traded just N2.28bn ($6.30m) 68% below this year’s daily average of N7.3bn ($20.3m). Today’s -1.53% loss dragged ytd return to +9.79%, we expect the market to rebound tomorrow on recoveries in large caps.
