More weakness dominated the equities market today(NSEASI -1.46%) even as more Q3 results of some of the key banking names were released. Investors appeared to be on pause mode to evaluate the numbers. The banking counters thus dominated the laggards table, led by ETI(-8.63%); FBNH(-5.33%); UBA(-2.96%); Zenith (-1.73%) and Guaranty (-1.26%), though FCMB(+0.33%) salvaged some gains. Other index heavyweights Dangcem(-0.92%); MTNN(-1.29%); WAPCO(-2.39%); Dangsugar (-3.30%); Unilever(-3.45%) and BUACEM(-4.55%) also caved in under profit taking induced sale pressure.
Market turnover remained subdued at N4.2bln ($11m), boosted by trades in Zenithbank; Dangcem; MTNN and Nestle. The NSEASI retreated -2.57% w/w, while ytd return moderated to +27.18%. We expect the market to maintain a mixed trading pattern in the coming week.
