Trading activities on the equities market today was mind-numbing, notwithstanding, the index inched higher by +53bps. Sellers remained indifferent or were offered at higher levels across board whilst buyers proceeded with caution. Renewed bargain hunting in Guaranty (+2.09%) mostly by offshore interests alongside late buying in FBNH (+6.12%) dominated other banking gainers – UBA (+2.38%), Fidelity (+8.70%), Access (+2.56%) and Stanbic (+0.44%). However, the consumers retreated on Flourmill’s (-2.35%) lacklustre performance whilst Zenith (-0.73%) crumbled under selling pressure.
Market turnover was unimpressive at N2.0bn ($5.6m), led by offshore crosses in Zenith ($1.5m). Ytd loss on the index shrunk to -6.63%. We expect the market to trade sideways next session.