Decline among the consumers – NB (-6.67%) and Nestle (-1.19%) was mainly responsible for the -14bps pull back on the equities market index today. However, market breadth improved positively relative to recent trading sessions as bargain hunting in the banks, driven by renewed interests in Guaranty (+4.10%) and Access (+1.71%) created some excitement. Dangcem (-0.26%) and Stanbic (-0.62%) retreated on intraday crosses whilst Zenith (+0.23%), Fidelity (+4.74%) and FCMB (+6.67%) rose on subdued selling activities.
Market turnover rose to N3.1bn ($8.5m), boosted by offshore crosses in Guaranty ($1.4m), Dangcem ($0.6m) and Stanbic ($0.4m). Ytd loss on the index widened to -1.11%. We expect the market to find support at current levels.