Weak sentiment persisted in the Nigerian equities market as the All share index nosedived by 0.84%. Sell pressure in market heavy weights Nestle (-9.99%) and Dangcem (-0.13%), coupled with weakness in Betaglass (-9.96%), Unilever (-7.68%) and Guinness (-3.24%) dragged the broad market indicator further southward in today’s session. Gains in ETI (+8.28%) and Fidelity(+2.41%) eroded the loses posted by Access (-1.35%), Fbnh (-1.82%), Zenithbank (-0.82%), and Fcmb(-1.25%).
Market turnover dipped marginally to N2.5bn ($6.9m), boosted by a cross in Guaranty ($1.7 mln) with offshore interest. The NSEASI ytd return tapered further to -13.82%. We expect the market to maintain this trading pattern in the next session.
