Aggressive sells offs in bellwethers ahead of year end pushed the equities market index deeper into the negative territory by -2.07%. Most notable amongst the laggards are – Nestle (-8.48%), Dangcem (-2.50), Seplat (-7.84%) and the banks – FBNH (-7.93%), Zenith (-1.29%), Access (-2.86%), UBA (-1.88%) and Guaranty (-0.29) though tapered by gains in Stanbic (+5.24%) on tiny volumes.
Market turnover rose to N6.54bn ($17.9m), dominated by both off-market and regular crosses in NEM ($8.22m) involving local counterparts. NAHCO ($1.1m) and Wemabank ($0.9m) blocks were also exchanged by locals. The index rose by +86bps, wtd whilst ytd loss on the index widened to -18.84%. We expect the market to trade higher in the coming session due to end of the year activities.