Activity level was subdued due to weaker sentiments as market influencers’ appeared distant from proceedings. Guaranty (-0.87%), Access (-4.35%) and Zenith (-0.47%) all declined among the banks to lead the index -60bps lower. FBNH (-8.23%) closed in the red zone upon release of its Q1 earnings alongside Okomu (-10.00%). The dip in Dangcem (-0.59%) on the back of selling pressure also contributed to the day’s abysmal performance notwithstanding Dangflour’s (+9.89%) continued run of gains and renewed bargain hunting in Oando (+9.28%) on its Q1 numbers.
Turnover was unimpressive at N1.5bn ($4.3m) boosted by local crosses in UBA ($0.4m) and Zenith ($0.2m). Ytd loss on the index widened to -5.38% whilst wtd performance stood at -1.15%. We expect the market to trade sideways next week