Cement majors Dangcem(-3.46%) and WAPCO (-4.08%) were major drags, as renewed investor apathy forced prices lower; whilst contractions in Guaranty(-2.91%), FBNH (-1.60%) and Stanbic (-1.03%) from the banking space, offset upticks in ETI(+3.98%), Access (+1.81%) and Zenith (+1.71%)-the latter ticked higher ahead of its ex-div trading tomorrow. Consumers were also mixed as weakness in Cadbury(-3.97%) and top brewer NB (-0.85%) outweighed Glaxo(+2.50%)’s cross induced price gain. In all, market breadth was negative with almost four losers recorded for every one that gained.
Turnover was impressive at N6.26bn ($17.19m), boosted by block trades by offshore interests in Zenith ($4.7m), NB ($2.4m), Nestle ($1.5m) and ETI ($0.93m). The ytd return on the index has further narrowed to +6.83%, we expect the market to find support in coming sessions.