Report
Vetiva Capital Management

Bellwether stocks spearhead ASI decline

What shaped the market today?

  • After trading in positive territory for most of the session, losses intensified on the Nigerian bourse, pressured by last minute ample declines across select bellwether stocks. Global markets traded mixed amidst fresh Brexit concerns, uncertainty over U.S election and as investors continue to focus on earnings.
  • The Financial Services sector (+12bps) was the only sector to close positive as gains in DIAMONDBNK (+370bps) and ZENITHBANK (+196bps) countered losses in ETI (+373bps) and GUARANTY (-42bps). After leading advances in the previous session, the Industrial Goods sector (-82bps) weighed most on the ASI following renewed sell pressure in ASHAKACEM (-971bps) and DANGCEM (-147bps). The consumer Goods Index (-65bps) also extended its negative close following sustained decline in NB (-148bps). The Oil & Gas sector (-7bps) posted relatively milder losses after marginal declines across FO (-25bps) and OANDO (-22bps).
  • Market breadth turned negative with 20 advances and 22 declines.

What will shape the next trading session?

  • Following the persistent pressure across a handful of large cap stocks, we expect the ASI to drop more points at week close.


03/11/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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