The equities market retraced its steps from the gains recorded in the previous session as the broad market index posted a loss of 26bps. Retraction in MTN (-1.02%) alongside sell down among the banks; Guaranty (-1.67%), UBN (-3.47%), Zenith (-1.00%) and ETI (-4.05%) influenced proceedings on the day. However, cement major Buacement (1.14%) posted some gains on tiny volumes to taper the extent of the losses whilst consumers; Dangsugar (+3.47%), Flourmill (3.64%) and Honyflour (+7.84%) closed in the positive region.
Market turnover was $17.5m dominated by offshore crosses in Guaranty ($5.5m) and mixed crosses in Zenith ($2.8m). Ytd returns on the ASI stood at 4.56%. We expect the market to trade sideways next week.