The equities market dipped by -16bps to cap a lacklustre trading session. The market was in a docile mood for the most part of the day as bargain-hunting moves were few and far between. This was in tandem with yesterday’s trading pattern due to anxiety surrounding tomorrow’s general elections. Buckling in NB (-3.03%) and Dangcem (-0.31%) erased upticks in the banks – Zenith (+1.78%), Guaranty (+0.53%) and FBNH (+0.60%).
Turnover remained flat at N2.2bn ($6.17m) and was boosted by offshore block crosses in Guaranty ($1m), however, crosses in Nestle ($0.7m) involved mixed interests. Ytd gains on the index declined to +3.45, whilst wtd return stood at -0.61%. We expect the market to find stronger support level upon the conclusion of peaceful general elections next week.