The lull in the Nigerian equities market was sustained in today’s session as the All share index was weakened further by 3bps. Today’s southward movement was largely on account sustained sell pressure in Guinness (-9.83%) and retreat in heavy weight Dangcem (-0.14%) notwithstanding its late recovery from the dip earlier in the day. FO (-8.81%) relapsed as the qualification date for the takeover offer closed, while CCNN (-6.25%), Custodian (-9.17%) and Cileasing (-9.59%) all slipped in the today’s session. Renewed optimism among the banks; as Guaranty (+1.15%), Access (+2.82%), UBA (+1.74%) finished the session in the green zone, while Wapco (+ 1.73%) and Flourmill (+0.33%) closed stronger.
Market turnover remain subdued at N2.4bn ($6.7m), boosted by a cross in Zenithbank ($1.6 mln) and FBNH ($0.27 mln) which involved mixed interests. The NSEASI recorded 0.38% loss this week while ytd return stood at -16.17%. We expect the market to trade sideways.