Key sectors open lower, ASI down 60bps
What shaped the market today?
- §The Nigerian bourse opened the week to declines across all key sectors, pulling the NSE ASI down by 60bps. On the global front, European markets traded lower as investors focused on the results of the European Banking Authority’s stress tests which saw a number of banks perform poorly. Asian stocks however closed mostly higher save for the Shanghai Stock Market (China) which slipped to a one-month low following a slightly disappointing PMI data. U.S. futures indicated a higher open for U.S markets.
- §The Consumer Goods sector (-186bps) led today’s losses following declines in NB (-289bps), NESTLE (-147bps) and GUINNESS (-159bps). Despite a limit up close for TOTAL (10.24%) following stellar results, losses from OANDO (-946bps) and FO (-40bps) kept the sector index 14 bps under water. Other key sectors - Industrial Goods (-17bps) and Financial Services (-11bps) – also closed lower, albeit marginally, following respective losses WAPCO (-25bps) and ZENITHBANK (-118bps).§
§Market breadth remained negative with 15 advances and 33 declines.
What will shape the nexttrading session?
§ With market indicators still pointing to weak sentiment across most sectors amidst series of mixed earnings releases, we expect the ASI could be shedding more points in the session ahead.
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