Banking stocks were a major drag on the bourse, Guaranty lost -7.07% in its first ex-div trading.

The equities market fell for the eleventh session in almost as many trading days as apathy increased in the absence of fresh positive cues. Banking stocks were a major drag on the bourse, Guaranty lost -7.07% in its first ex-div trading. ETI(-4.39%), UBA(-2.54%) and Access(-1.76%) all slipped on weak demand.

Cement majors also weighed on the bourse – Dangcem(-0.78%) and Wapco(-4.72%) tumbled on risk aversion. Capping today’s loss were consumers  – Glaxo(+10.03%), Unilever(+4.86%), PZ(+4.55%) and Cadbury(+4.14%) all rose on modest demand. Stanbic(+3.67%) also jumped in its last cum div trading.

The increased apathy condemned turnover to a 2week low of N3.66bn ($10.08m), today’s sole notable trade was a 5mln cross in Guaranty between foreign investors. Today’s -1.07% loss cut ytd return +6.69%, we expect the market to find support in coming sessions.

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