The equities market extended its sell-off today as banks remained in free fall mode amid increased liquidity. Strong foreign selling pushed Zenith(-4%) into oversold territory; Guaranty(-1.64%) fell on late domestic selling while panic selling ensued in UBA(-4.29%) and Access(-1.27%).
FBNH(+2.63%) and Stanbic(+0.40%) however escaped the turmoil with investors sustaining demand on higher return potential. Consumer stocks traded mixed – Flourmill(+1.74%) and Guinness(+0.40%) advanced on decent demand while Dangsugar(-5%) and Nestle(-1.08%) dropped on risk aversion. Dangcem(+0.53%) closed higher on decent demand.
Turnover closed strong at N7bn ($19.5m) buoyed mainly by bargain hunting in Zenith($6.8m) and Guaranty($4m). Today’s -0.59% loss increased week-to-date loss to -2.85%, ytd return closed at a month low of +9.66. We expect the market to find support next week