The equities market suffered its worst day (-1%) in almost 3-months as the recent wave of macro induced buying slowed considerably, sending the market into risk-off mode. The weakness was broad-based, cement majors – Dangcem(-0.46%) and Wapco(-4.26%) dropped on weak demand. Banking stocks were the worst hit – Guaranty(-4.77%) fell to a 10-week low; Zenith(-3.85%), Stanbic(-1.20%) and Access(-0.45%) also dropped on fresh apathy. Consumer goods stocks such as Cadbury(-4.95%), NB(-2.56%) and Unilever(-0.49%) dropped amid a glut in supply. Tier II banks were today’s surprise safe havens, FCMB(+4.92%), Fidelity(+4.42%) and ETI(+4%) jumped on strong foreign interests.
Turnover was decent at N4.4bn ($12m) buoyed by large activities in Guaranty($3.4m). Ytd return fell to +43.39%, we expect the market to find support in coming sessions