Reversal from the gains at previous close in Nestle (-8.23%) was largely responsible for the -1.64% pull back on the market index. Also, other consumer majors – NB (-5.62%) and Dangflour (-9.80%) declined to drag the sector index down by -4.92% as weak market sentiments resurfaced at the first trading session of the week. Similarly, the banks posted a lacklustre performance due to decline in ETI (-3.41%), FBNH (-2.44%) and Guaranty (-0.14%) though their performance was masked by gains in Zenith (+0.46%), Access (+0.78%) and Stanbic (+0.11%).
Market turnover rose to N3.7bn ($10.2m), dominated by local crosses in Wema ($4m) whilst block trades in Guaranty ($1.2m) and UBA ($0.8m) involved offshore interests. Ytd loss on the index widened to -2.86%. We expect the market to trade sideways in the next session