The ASI (-0.39%) opened the weak on a negative note as bearish sentiment across the board pressured the equities market gauge. Weakness in selected lender’s stocks; Guaranty (-3.34%), Zenithbank (-0.90%), Sterlnbank (-8.65%), UBA (-0.71%) as well as negative movement in cement manufactures; Buacement (-1.09%) and Wapco (-0.695%) contributed to the day’s performance. Also, MRS (-9.92%) and some consumer goods stocks; Guinness (-8.08%), Uacn (-1.52%), Intbrew (-1.72%), and Unilever (-0.75%) declined in the session. Though most stock finished flattish, Eterna (+9.91%), Fcmb (+4.59%), Fbnh (+0.69%), Fidelitybk (+0.39%) and Dangsugar (+0.29%) all advanced.
Market turnover was N2.14bln ($5.62mln) though boosted by fragmented trades in Zenithbank, Guaranty and Uacn. Year to date performance edged lower to -3.73%. We expect the market to maintain a similar trading pattern in the coming session.
