Blood in the streets among the banks (NSEBNK = -4.59%) pulled the NSEASI lower by -1.85% which represents a 2-year low on the index. Market sentiment was bearish all day as locals’ increased selling pressure though foreign interests provided respite in select counters. Early session decline in Access (-10.00%) at its limit low upon listing and crediting the converted Diamond shares triggered anxiety on bargain hunting among the banks. Also, UBA (-16.00%) retreated after its dividend mark down alongside its peers Guaranty (-2.78%), Zenith (-4.23%) and FBNH (-6.96%). The consumers however gained on reversal from the previous loss in Nestle (+3.57%) and NB (+5.45%).
Market turnover rose to N5.7bn ($15.7m), dominated by offshore crosses in NB ($1.5m) and Nestle ($1.6m) whilst locals exchanged Sterlnbank ($0.9m). Ytd loss on the index widened to -5.61%. We expect the market to trade sideways in the next session