Key sectors open mixed, ASI up 26bps
What shaped the market today?
§The Nigerian equity market opened the week to some volatility but eventually closed in the green on the back of gains in select large cap blue chips. On the global scene, Asian markets shrugged off Japan’s disappointing Q2 GDP data (GDP remained unchanged q/q trailing estimates of a 0.2% rise) to trade higher whilst European markets traded mixed following heightening concerns over global economy growth. U.S futures predicted a higher open.
§Industrial Goods (+198bps) picked up from last close to open higher as DANGCEM (+166bps) and WAPCO (+323bps) rose. Whilst the Consumer Goods sector (+86bps) rebounded following gains in UNILEVER (+500bps), NB (+185bps) and NESTLE (+61bps), the Oil & Gas sector (-223bps) receded into the red after declines in FO (-487bps), OANDO (-255bps) and SEPLAT (-83bps). The Financial Services sector (-166bps) also closed lower as declines in UBA (-500bps), ETI (-492bps) and ZENITHBANK (-196bps) outweighed gain in UBN (+375bps) which announced 38% earnings growth in H1’16 results.
§ Market breadth remained negative with 15 advances and 38 declines.
What will shape the next trading session?
- §Noting the skewness of today’s gains to a very few numbers of stocks as indicated by the market breadth, we do not rule out the possibility of a reversal in the session ahead.
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