The equities market fell to a 10-week low today as investors apathy increased amid looming US fed meeting. Large caps such as Seplat(-5%) and NB(-1.01%) dropped on weak demand. Sentiment in banking stocks were mixed – Guaranty(-1.77%) and UBA(-1.34%) both fell on a mix of mild foreign selling and weak demand; Stanbic(-1.73%) dropped on downgrades post conference call. On the flip side, FBNH(+2.56%) and Access(+1.69%) advanced on decent demand and low liquidity respectively.
Most investors remained on the sidelines today, leaving turnover of N3.9bn ($10.7m) to close 46% below this year’s daily average of N7bn. Guaranty and Zenith accounted for 38% of activities Today’s -0.35% loss further cut ytd return to +9%, we expect the market to find support in coming sessions.