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Equities dip further, NSE ASI down 55bps
What shaped the market today?
- For the third consecutive session, the Nigerian equity market closed in the red as the NSE ASI shed 55bps, weighed down by losses across bellwether stocks. Global markets traded mixed amidst political uncertainty surrounding elections in Europe and as investors continue to digest corporate earnings releases.
- The Consumer Goods sector (-254bps) was the worst performer in today’s session with the sector dominating the losers chart. Leading the sector decline were NESTLE (-500bps), PZ (-497bps), INTBREW (-494bps) and NASCON (-494bps). The Banking (-32bps) and Oil & Gas (-59bps) sectors also extended losses following declines in ZENITHBANK (-215bps), ETI (-291bps), FIDELITY (-337bps), FO (-647bps) and OANDO (-168bps). However, the Industrial Goods sector (+42bps) bucked the losing trend as BETAGLAS (today’s top gainer) notched 500bps and DANGCEM (+60bps) pared previous session’s loss.
- Market breadth remained negative with 14 advances and 22 declines.
- We expect the NSE ASI to shed more points at mid-week as investor appetite for equities remains weak.
What will shape the next trading session?
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