Bloodbath among the banks pulled back the NSEASI by -1.62%. Optimism on Dangcem’s earnings released late yesterday, propelled the stock higher by +9.97% early in the session but quickly fizzled on profit taking activities. However, massive selloff involving mixed interests in the banks – Guaranty (-6.85%), Zenith (-4.02%), Stanbic (-4.23%), UBA (-4.49%), Access (-5.00%) and FBNH (-1.92%) raised anxiety levels as bids pulled lower. Weaker market sentiments quickly spread across to the consumers – NB (-4.45%), Nestle (-2.00%), Flourmills (-0.25%) and oil & gas major, Oando (-9.92%). On the flip side, gains in Dangcem (+1.45%) tapered some of the losses.
Market turnover rose to N5.3bn ($14.5m) dominated by offshore crosses in Guaranty ($2.3m) and Nestle ($1.4m). Ytd gains on the index tanked to +0.93%. We expect the market to trade sideways in the coming session.