The equities market edged lower today as demand slowed amid a mix of buying fatigue and incessant supply. Index heavyweight – Dangcem(-0.77%) was a notable drag on the index, dropping % on weak demand.
Financial stocks continued to trend lower – Zenith(-0.95%) closed below its 200-day moving average and in oversold territory on sustained foreign selling while UBA(-0.91%) and Access(-2.50%) dropped on domestic selling. Consumer stocks traded mixed – Unilever(-3.53%) and Intbrew(-0.65%) fell on weak demand while NB(+0.54%) and Dangsugar(+0.91%) ticked higher on value buying
Turnover slipped to a 7-week low of N3.1bn ($8.7m) 54% below this year’s daily average of N6.8bn ($m). Today’s -0.08% drop trimmed ytd return to +6.72%, we expect the market to find support in coming session on bargain hunting