The equities market fell for the sixth straight session today following heightened risk aversion in non-financials. Large cap – Nestle(-2.17%) dropped to a month low on weak demand; NB(-0.94%) slipped amid a glut in supply and Wapco(-6.55%) hit a 2-month low on post right dilution.
Banking stocks traded mixed – Stanbic(-4.47%) fell on downgrades following a less than exciting outlook, Access(-2.08%) dropped on weak demand. On the flip side, UBA(+4.07%) advanced on bargain hunting, top tier Is – Zenith(+1.07%) and Guaranty(+0.34%) both gained on improved foreign demand.
Turnover was decent at N5.6bn ($15.5m) buoyed by a 4m cross in Dangcem ($2.8m) and bargain hunting in Guaranty($2.4m). Today’s -0.46% trimmed ytd return to 8.51%, we expect the market to find support in coming sessions.