The equities market closed on a negative note today (NSEASI -0.50%) on relative weakness in demand. The banks were a major drag, particularly as some of the pending Q3 earnings report in that space were released. Guaranty(-3.24%) retreated further upon release of its flattish Q3 results; other key laggards included FCMB(-9.85%); Stanbic(-4.12%); UBA (-2.87%) and Zenith(-2.43%). Mixed performance was however observed among the non-financials, with gains in PZ(+9.28%); WAPCO (+4.15%) and NB(+4.31%) countered by declines in Presco (-9.97%); Dangsugar(-4.72%) and Glaxosmith (-3.27%).
Market turnover was also low at N3.5bln ($9.2m), boosted mainly by mixed interest trades in Stanbic and Zenithbank. The NSEASI ytd return moderated to +29.06%. We expect the market to maintain a similar trading pattern in the coming session.
