Decline in market heavyweight, Dangcem (-0.63%) as well as collapse in Zenith (-2.49%) into the close led the -31bps pull back on the NSEASI. Market sentiments turned negative due to increased selling activities among the banking stocks which was in contrast to last trading session. Profit taking in Access (-6.57%) continued from the last session whilst bargain hunting moves appeared curtailed in FBNH (-0.61%). The consumers buckled on post midday crosses in Nestle (-0.13%), though tapered by marginal gains in Dangsugar (+0.71%). On a brighter note, gains in Stanbic (+6.59%), UBN (+2.92%) and ETI (+0.75%) provided some consolation to the lacklustre performance of the day.
Turnover rose to N3.6bn ($10.4m), dominated by offshore crosses in Guaranty ($3.9m) and Zenith ($1.3m). Ytd loss on the index widened to -1.24%. We expect the market to trade sideways in the next session.