Bearish sentiments persisted in the domestic equities market as the ASI commenced the week on a negative note, which dipped by 67bps at the close of the session. Today’s weakness was largely due to sell pressure in the Industrial goods, Banking and Consumer goods players. Specifically, Wapco (-2.58%) and Buacement (-2.23%) finished lower in the industrial goods space while Intbrew (-9.03%) and Dangsugar (-3.89%) dragged the consumer goods tracker southward. In the same vain, Banking index nosedived, due to weakness in ETI (-8.57%), Guaranty (-3.01%) and Zenithbank (-0.25%).
Market turnover remain meager at 1.5bn ($4.30 mln), buoyed by domestic interest in Unilever ($0.40 mln), and fragmented trades in Zenithbank ,Guaranty and MTNN. The NSEASI ytd return tapered to +2.72%. We expect the market to maintain this trading pattern in the next session.