The equities market declined for the fourth consecutive session as the index closed at -48bps driven by late selloffs in heavyweight, Dangcem (-1.55%). The market was in a tepid mood for large periods save for few crosses in select counters. Most top banking counters were also weak- Zenith (-1.48%), FBNH (-3.40%), Access (-1.41%), UBA (-2.00%) though Guaranty (+1.71%) and Stanbic (+2.15%) gained.
Market turnover was flat at N2.7bn ($7.5m) buoyed mainly by offshore crosses in Access ($1.6m) and Nestle ($1.0m), whilst NB($1.5m) involved mixed interests. Ytd loss on the index widened to -18.88%. We expect the market to maintain a similar pattern next session.
