Red was the colour in equities market today as the domestic market reeled under the ripple effect of recent global markets’ weakness following the latest escalation of the US-China trade wars. The NSEASI shed -1.26% and closed at 28,484.44 following a session that witnessed widespread selling across most sectors. The Banks were most affected (NSEBNK-2.80%) as heavyweights Zenith (-1.50%); Guaranty(-3.13%), UBA(-7.69%); Access(-5.63%) among others, plunged to record lows amid the panic offer glut from mixed interests. Top brewers Guinness (-2.91%); NB(-0.46%) alongside Mobil(-4.62%) and Dangcem(-0.28%) from the energy and cement spaces also led other decliners among the non-financials. Only a few bucked the trend –Okomu(+10.00%) ahead of dividend mark-down; FBNH(+3.45%) on low liquidity and UACN(+0.72%) on cross trades. Nestle was also marked down for its FY 2018 dividend of N38.50, though stock traded lightly post the adjustment.
Turnover remained low at N2.8bn ($7.7m), boosted by crosses involving offshore interests in Guaranty ($2.8m), UACN ($0.3m)and Guinness ($0.51m). The ytd loss on the index further widened to -9.37%. We expect the market to gradually find support from bargain hunting activities in the coming sessions.