The equities market tumbled to a 7-week low today as the apathetic behavior continued with investors backing away from stocks allowing light selling easily depress prices. Index heavyweights – Dangcem(-3.83%) and NB(-3.07%) were the biggest drag on the bourse; the bearish mood also weighed on banking stocks – Guaranty(-2.17%), Stanbic(-2%), UBA(-0.56%) and Zenith(-0.45%) all closed weak. Bucking the trend was Flourmills(+1.48%) and Guinness(+1.31%) which rose on light volumes, Access(+2.06%) also jumped on a last minute rally.
Market turnover remained light at N2.95bn ($8.17m) with defensive consumer stocks – NB($1.8m) and Nestle($1m) dominating activities. Today’s -1.84% drop raised this week’s loss to -2.63% cutting ytd gain to -30.26%. We expect the market to find support next week on bargain hunting.