The equities market dropped another -1.15% today as investors trimmed holdings in large caps amid risk aversion. The index top (2) most capitalized stocks – Dangcem(-3.29%) and NB(-0.60%) both fell on increased offer volumes. Other notable consumer stocks such as Nestle(-1.61%) and Intbrew(-4.98%) also dipped on risk aversion. Sentiment were mixed in the banking space – UBA(-0.57%) and Access(-0.52%) dropped amid a glut in supply while Zenith(+0.50%) and Guaranty(+0.25%) rose on decent demand.
Turnover improved to N3.2bn ($9m) helped by the return of SA investors; there was a notable cross of 37m Access shares involving foreign investors. Ytd return slipped to +30.05%, we expect the market to find support in coming sessions on bargain hunting.
