The equities market retraced its steps from previous session’s gains as the index buckled by -20bps which was largely due to retreat in Nestle (-2.03%) and lower investor appetite in Dangcem (-1.72%). Market breadth was fairly balanced though bargain hunters moved with caution in taking positions. Declines in Guaranty (-0.86%), Sterlnbank (-3.70%), UBA (-0.88%) and FBNH (-0.88%) pulled the banking index 20bps lower notwithstanding upward movements in Zenith (+0.54%), and Access (+1.53%) which was indicative of a fairly neutral reaction to the outcome of yesterday’s MPC meeting. NB (+6.95%) rallied on an early aggressive buying though on low volumes whilst Seplat (+9.38%) rose on a tiny intra-day cross.
Market turnover rose to N2.5bn ($7m) and was dominated by offshore crosses in Guaranty ($1.7m). Ytd returns on the index closed at -10.63%. We expect the market to maintain recent trading pattern.