Gains in index heavyweight, Dangcem (+1.05%) as well as earning induced buying in Dangsugar(+5.63%) was not sufficient to pull the NSEASI (-0.99%) into the positive territory as sell-offs among other consumers dominated the day. NB (-9.68%) stumbled to its 10 -year low triggered by aggressive selling by local interest while retreat in Nestle involved mixed interests. The banks followed the downswing towards the close led by Zenith (-2.74%), UBA (-2.60%) and FBNH (-1.25%) though Stanbic (+0.43%) advanced on the day.
Market turnover rose to N4.5bn ($12.5m), boosted by crosses in Nestle ($2.1m), NB ($1.6m) involving mixed counterparts whilst offshore interests executed block trades in Zenith ($1.1m). Ytd loss on the index widened to -3.83%. We expect the market to trade sideways in the coming session