The equities market continued its run of decline as the NSEASI posted its 7th consecutive loss by closing -20bps lower today. Nestle (-3.52%) retreated on tiny volumes into the close, having the biggest influence on proceedings. CCNN (-9.77%) and Betaglas (-9.97%) were pressured into submission by offers amidst scanty bids among the industrial goods. However, renewed interests in the banks led by ETI (+2.93%), Access (+0.76%), Zenith (+0.25%) and Guaranty (+0.16%) recouped some gains alongside late buying in Seplat (+1.01%). NB (+6.90%) rose to lead the advancers on the day whilst mixed fortunes continued to trail FO (+4.83%) amidst uncertainties post-divestment of Lagos billionaire, Mr. Femi Otedola from the company.
Turnover closed 19.5% lower at N3.3bn ($9.0m) in a largely quiet session, dominated by crosses in Unilever ($1.4m) and Guaranty ($1.1m) which involved offshore interests. Ytd returns on index stood at -5.80%. We expect the market to maintain the same trading pattern.