Persistent aversion toward risk assets dominated today’s trading activities on the Nigerian equities market; the 5% NSE circuit breaker rule was almost triggered as sell pressure sent the NSEASI tumbling by 4.92% in a single trading day. The depreciation on the broad index was heightened by unimpressive performance in the banking space; notable losers were Stanbic (-10.00%),Guaranty (-9.93%), Zenithbank (-9,69%), UBA (-9.60%) and FBNH (-9.28%) among others. More so, we saw weakness in MTNN (-10.00%),NB (-9.93%), Wapco (-9.89%), Unilever (-9.40%) at the close of the session.
Meanwhile, market turnover improved to N4.20bn ($11.5mln), boosted by mixed interest trades in Guaranty, UBA, FBNH and NB. The NSEASI ytd return accelerated to -9.14%. While we expect the bearish stance to persist, bargain hunting may give the market support in the coming session.
