The equities market posted another lacklustre performance as the index declined by -67bps. Trading activity remained muted for prolonged periods as participants proceeded indifferently, notwithstanding the announcement of interest rates reduction by the MPC late yesterday. Guaranty (-3.74%) yielded to selling pressure into the close to lead the decliners alongside its peers – Stanbic (-5.15%), FBNH (-2.42%) and Access (-0.78%), though Zenith (+1.38%) and UBN (+2.90%) advanced. The consumers buckled on tiny volumes sell down in Guinness (-2.42%) and flourmills.
Market turnover remained unimpressive at N1.4bn ($3.9m), buoyed by measly crosses in Zenith ($1m) involving mixed interests. Ytd loss on the index widened to -1.91%. We expect the market to trade sideways in the next session.