The equities market started the week on a bearish note as a combination of weak full year earnings and increased risk aversion fueled weakness across the board. Cement stocks were a major drag – investors sold off Wapco(-7.24%) in disappointment at its recently released weaker-than-expected fy 17 results. Weak demand in Dangcem(-1.14%) allowed light offer easily depress prices. The banks were subdued – Zenith(-1.47%), Guaranty(-1.36%) and UBA(-0.42%) dropped on weak demand. Consumer stocks such as Unilever(-8.03%) and Guinness(-0.96 %) also closed lower. Glaxo was today’s sole notable gainer, appreciating +3.45% on speculative demand following last week’s profit taking.
Market activities was light for most part of today’s session, albeit a 20mn cross in NB ($6.9m) by foreign investors helped buoy turnover to N4.9b ($13.7m). Today’s -1.01% loss cut ytd return to +5.72%, we expect the market to find support in coming sessions on bargain hunting and dividend re-investment