The equities market declined by -6bps largely due to the indecisive performance among the banks. Market activity was in a lull mode for extended periods as sellers proceeded with less aggression relative to last week whilst bargain hunters remained indifferent. Decline in Zenith (-0.45%) alongside UBN (-2.14%) led the lacklustre performance in the banks. Dangcem (-0.05%) retreated marginally among the industrial goods whilst gains in Dangflour (+7.35%) lifted the consumers. Also, UBA (+1.34%) and Access (+0.86%) recovered some of the losses post their FY“18 earnings releases.
Market turnover was unimpressive at N1.9bn ($5.2m), buoyed by offshore crosses in Zenith ($1.3m) and Guaranty ($0.9m). Ytd loss on the index widened to -0.97%. We expect the market to trade sideways next week.
