The equities market posted a fairly neutral performance of -5bps, as losses in the big banks – Guaranty (-1.35%) and Zenith (-0.48%) offset gains in index heavyweight, Dangcem (+0.56%). Activity level was subdued all day due to participants’ indifference towards the market. Dangflour (+3.80%) recouped some losses from the previous session which offset decline in Dangsugar (-0.36%) among the consumers.
Today’s muted trading session was marked by an unimpressive turnover of N1.4bn ($3.9m) which was dominated by offshore crosses in UBA ($0.4m). Ytd return on the index stood at -7.10%. We expect the market to trade sideways in the next session.
