The equities market continued its sinking into its mud of lower lows as the indicated by another decline on the NSEASI (-35bps) to breach its resistant level of 28k pts and close at 27,990.61pts . Late contraction in MTNN (-1.57%) ahead of its pioneer earnings release and investor conference call since listing alongside weaker demand in co-heavyweight, Dangcem (-1.16%) influenced market performance the most. Sentiments remained weak among the big banks as they all declined save for Guaranty and UBA that posted neutral performance. Flourmill (+6.07%) rallied on its earnings announcement whilst Lafarge (+1.77%) continued to enjoy positive reviews on its Q2”19 performance.
Turnover declined to N1.9bn ($5.2m) and was buoyed by offshore crosses in Stanbic ($0.4m) and Dangcem ($0.2m) whilst locals exchanged MTNN ($0.4m). Ytd returns on the index stood at -10.94%. We expect the market to trade sideways in the next session.