Sentiments remained weak in the Nigerian equities market as trading activity ended in the negative territory with the benchmark index closing down by 0.35%. The broad indicator’s performance was due to sustained weakness in heavy weight Dangcem (-0.28%) with loses in Glaxosmith(-9.52%), Unilever (-1.84%), Cadbury (-8.16%), Fbnh (-6.47%), UACN (-5.41%) and Access (-3.76%) at the close of the session. Despite the southward movement on the index, there were notable gainers which included Zenithbanth (+0.82%), Guaranty (+0.34%), Airtelafri (+0.03%) and CAP (+0.41%) .
Market turnover was meagre at N1.4bn ($4.00m), buoyed by off shore related crosses in Zenithbank ($0.5mln), and Guaranty ($0.3mln). The NSEASI ytd return increased to -14.76%. We expect the market to maintain this trading pattern in the next session.
