The equities market closed the second trading session of the New Year on back to back losses as the index declined by -0.96%. Bargain hunting remained aloof with lesser foreign and PFAs participation thereby allowing select counters, mostly the banks, to slip on thin volumes. Guaranty (-4.49%), Stanbic (-4.07%), Zenith (-1.52%), Access (-5.38%) and FBNH (-2.50%) led the losers though tapered by gains in UBN (+8.04%), FO (+9.64%) and late buying in NB (+0.51%).
Market turnover was unimpressive at N1.1bn ($3.1m), with block trades scanty, fewer and far between on the day. Local interests were involved in Access ($0.08m) and Intbrew ($0.08) crosses. We expect the market to remain soft on the back of cautious bargain hunting.
