A modest decline of -11bps on the index was driven by pullbacks in the consumers – Guinness (-8.45%), Nestle (-0.69%) and Flourmills (-2.06%). This lacklustre performance was spurred by unimpressive earnings released to the exchange by consumer majors – Guinness and Flourmills. However, offshore participation improved on the day relative to the previous session as there were mixed reactions among the banks. Gains in Guaranty (+0.59%), Zenith (+0.22%) and Sterlnbank (+2.17%) compensated for losses in FBNH (-1.99%), UBA (-0.68%) and Access (-0.83%).
Market turnover rose to N3.1bn ($8.6m) dominated by block crosses Zenith ($2.6m) involving offshore counterparts. Ytd return loss on the index was widened to -0.91%. We expect the market to trade sideways in the next session.