Key sectors trade mixed, ASI down 11bps
What shaped the market today?
§Nigerian equities opened the week slightly down following mixed closes across key sectors. On the foreign scene, Asian markets rallied at week open as investors shrugged off weak Chinese trade data to focus more on stronger-than-expected U.S job data (U.S. economy added 255,000 jobs last week beating market expectation of 180,000). European and U.S markets traded mixed despite a tick-up in oil prices.
§The Financial Services sector (+125bps) rebounded at the trading session largely on the back of gains in GUARANTY (+363bps) and ACCESS (+219bps). Industrial Goods (+23bps) also added to the ASI points thanks to advances in WAPCO (+68bps). The gains were however outweighed by declines in Consumer Goods (-112bps) and Oil & Gas (-47bps) following negative closes in NB (-228bps), FLOURMILL (-901bps) and TOTAL (-499bps).
§ Market breadth remained negative with 17 advances and 20 declines.
What will shape the nexttrading session?
- Noting the diverse investor sentiment across key sectors, we see further mixed trading pattern in the session ahead.
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