The equities market dipped for the sixth consecutive session with the index down by -233bps to a 19-month low at 29,336.80. The extent of today’s dip was particularly highlighted by sell-offs into the close on tiny volumes in cement major, Dangcem (-8.60%) coupled with sustained selling in the banks – Guaranty (-2.19%), Access (-5.98%), FBNH (-1.40%) and UBA (-0.68%) though Zenith (+3.45%) recovered from its intra-day slump to post a decent performance. On the flipside, the consumers – Unilever (+9.63%), Flourmills (4.72%) and Cadbury (+3.63%) advanced to offset some of the day’s losses
Market turnover fell to N2.2bn ($6.1m) boosted by offshore crosses in Guaranty ($0.95m) and Zenith ($0.8m). Ytd loss on the index widened to -6.66%. We expect the market to trade sideways in the next session.