Decline in the banks – Guaranty (-2.19%), Stanbic (-4.04%), Zenith (-1.17%), ETI (-3.24%) and UBA (-2.19%) influenced proceedings as the NSEASI dipped by -73bps. Market sentiments appeared gloomy due to weak bargain hunting whilst selling pressure was controlled for extended periods till late in the day. Dangcem (-0.48%) retreated on crosses amidst weak bids whereas Total (-8.74%) stumbled upon release of its lacklustre Q1 earnings. On the flip side, Dangflour (+9.97%) continued its rally though UBN (+2.94%) and Access (+3.03) salvaged some points among the banks. FO (+9.93%) advanced on aggressive buying by locals even as JBerger (+9.78%) rose on its early session cross.
Market turnover rose to N2.2bn ($6m) boosted by mixed crosses in Dangcem ($0.5m) and offshore block trades in NB ($0.3m). Ytd loss on the index widened to -6.07%. We expect the market to trade sideways in the next session.
Extension: 3137, 3135, 3125 or 3133
Kind regards,
FBNQuest Securities
