The equities market opened the week on a bearish note as a combination of a public holiday in South Africa and renewed investors’ apathy weighed on stocks. Consumer large caps – NB(-1.76%) and Nestle(-0.41%) sliped on weak demand and risk aversion respectively. Banking stocks also closed lower – UBA(-3.01%), Access(-0.83%) and Guaranty(-0.25%) all dropped on weak demand. Other notable losers include Wapco(-2.87%) and Guinness(-0.64%).
Market activities was light with investors trading just N1.3bn ($3.7m), helped mainly by a cross trade of 531k Nestle shares involving foreign investors. Today’s -0.36% drop trimmed ytd return to +31.58%, we expect the market to find support in coming sessions.