The equities market resumed trading for the week on a negative note as the broad market index posted a return of -0.26%. The banks took the biggest hit in a 1.19% decline which may be attributed to sentiments surrounding MPC’s hike in the CRR by 5.00% to 27.50%. However, gains among the consumers spurred by bargain hunting in NB (+3.85%) and Okomu (+3.03%) alongside inching up in Wapco (+0.57%) tapered the extent of the losses on the broad index.
Market recorded a $9.2m turnover buoyed by mixed crosses in Guaranty ($1.3m); offshore in NB ($0.3m) and local block trades in Nestle ($0.3m). Ytd return on the All Share Index stood at +10.10%. We expect the market to find support at current levels during the next trading session.