Decline in Dangcem (-0.94%) together with consumer majors – Nestle (-1.90%) and Intbrew (-8.70%) were largely responsible for the -58bps pullback on the NSEASI. Market activities remained subdued though few banking counters showed early positive signs that subsequently fizzled. Seplat (-4.39%) retreated on tiny volumes whilst FBNH (-2.50%) declined on its dividend mark down. However, renewed optimism in Zenith (+2.15%) alongside the continuation of rally in Dangflour (+9.79%) on its binding offer announcement offset some of the losses.
Turnover fell to N2.6bn ($7.4m) buoyed offshore crosses in Nestle ($0.6m), Unilever ($0.7m) and Zenith ($0.6m). Ytd loss on the index stood at to -4.87%. We expect the market to maintain similar trading pattern.
Extension: 3137, 3135, 3125 or 3133
Kind regards,
FBNQuest Securities
