The equities market fell for the fourth consecutive session as risk aversion in the broader market offset bargain hunting in banking stocks. NB was the biggest drag on the bourse, shedding -3.38% on weak demand. Cadbury also plunged -9.65% as negative reaction greeted its FY 17 result with investors seemingly focused on its low dividend ahead of profitability.
Pan African banks – Stanbic(-2%) and ETI(-4.80%) fell on profit taking and weak demand respectively. Tier I banks got some respite – Zenith(+1.45%), Access(+1.29%) and Guaranty(+0.89%) all rose on bargain hunting. Gains in index heavyweight – Dangcem(+0.38%) also helped taper the drop.
Turnover was decent at N5.2bn ($14m) buoyed largely by bargain hunting in Zenith($9.6m) which accounted for 66% of activities. Today’s -0.21% drop trimmed ytd gain to +9.42%, we expect the market to tick higher in coming sessions on bargain hunting.