The downward trend in the equities market continued for the 3rd consecutive session today (NSEASI -1.53%) with the index closing at 34,242.83 points on the day. Top laggards included Cement and consumer majors, Dangcem (-6.45%), NB (-6.90%); Nestle(-3.45%); PZ (-8.49%) which muted upticks in Glaxosmith (+9.56%); Dangsugar (+5.00%) and UACN (+4.61%). It was not all gloom however as some bargain hunting was observed late in the session in select counters, which stemmed the extent of the intra-day decline especially in the banks. While Access(-3.45%) and UBA(-3.27%) were top losers in that space, ETI (4.07%) was however positive, while Guaranty(+2.78%) and Fidelity(2.30%) rebounded.
Market turnover was impressive at N12.02bln ($31.4m), boosted mainly by local off-market trades of 8.5bln Uac-Prop shares, valued at N5.9bln($15.6m). The NSEASI ytd return moderated to +27.57%. We expect the market to gradually find support in the next session.
