The domestic equities market closed on a negative note today (NSEASI -0.04%) on relative weakness in demand. The banks remained pressured despite the resilience Q3 performance; specifically,Access (-8.14%), Stanbic (-8.02%), FBNH (-7.59%), Zenithbank (-5.66%), Fidelitybk (-5.08%) and Guaranty (-3.68%) all declined. Also, Wapco (-10.00%), and Ardova (-10.00%) slipped along with selected comsumer goods stocks Guinness (-9.55%), Flourmill (-8.47%), Unilever (-7.14%), Dangsugar (-6.34%) and Cadbury (-4.56%) contributed to the southward movement in the broad index. Nevertheless gains recorded in some large caps, Airtelafric (+5.00%),Buacement (+4.77%), Dangcem (+3.42%) and Nestle (+1.82%) salvaged some valuable points in the day.
Market turnover was N7.33bln ($19.08m), boosted mainly by trades in Zenithbank, Guaranty, Dangcem and Access. The NSEASI ytd return moderated to +27.12%. We expect the market to maintain a similar trading pattern in the coming session.
