Equities cap bearish week in red, down 242bps w/w
What shaped the market today?
The Nigerian equity market posted further losses in today’s session (ASI down 24bps), completing an all-week decline as appetite for equities remain tepid. On the global front, Asian markets traded mixed, with the Nikkei surging to an 11-month high buoyed by a relatively weaker yen. The European stocks closed lower whilst U.S stocks opened slightly lower as investors upped bets on a December rate hike.
The Oil & Gas sector (-148bps) continued to lead declines after SEPLAT (-500bps) outweighed an advance in OANDO (+476bps). Although a number of banking names advanced in today’s session, notably, DIAMONDBNK (+230bps) and ZENITHBANK (+42bps), the Financial Services sector was down 52bps as GUARANTY (-187bps) extended its downtrend to four sessions. The Consumer Goods and Industrial Goods sectors also closed in the red following declines across FLOURMILL (-970bps), PZ (-495bps) and BERGER (-958bps).
Market breadth remained negative with 15 advances and 19 declines.
What will shape the next trading session?
Although the market closed lower, we highlight the improving market breadth. That said, we believe the market could throw up further bargains which could steer the ASI to a modest gain at week open.
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