ASI flat despite key sector losses
What shaped the market today?
§ The Nigerian equity market closed lower at the end of the trading session following declines across key sectors. On the global scene, European markets tumbled over concerns of poor stress test results of banks. Asian stocks were also down despite the interest rate cut in Australia (cut by 25bps to 1.5%) and ahead of the release of further details on Japan’s stimulus plans. U.S markets also opened lower as poor performances in other markets weighed on stocks.
§ The Consumer Goods (-88bps), Industrial Goods (-104bps) and Financial Services all closed lower following respective losses in NESTLE (-254bps), WAPCO (-499bps) and GUARANTY (-82bps). The Oil & Gas sector (-187bps) also closed lower as some recovery in OANDO (+10%) were outweighed by losses in FO (-446bps) and SEPLAT (-500bps).
§ Market breadth remained negative with 17 advances and 31 declines.
What will shape the next trading session?
§ With sentiment still evidently bearish across most key sectors, we think the ASI could drop more points in the session ahead.
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