Losses intensify on Nigerian bourse, ASI down 84bps
What shaped the market today?
- Losses intensified on the Nigerian bourse as the NSE ASI closed 84bps in the red driven by declines across most key sectors. Global markets traded mostly lower ahead of a speech by U.S. Fed Reserve Chair – Janet Yellen as wary investors look for clues on the pace of interest rate increases in the course of the year.
- The Consumer Goods sector (-330bps) tumbled in today’s session, extending its bearish run to six consecutive sessions following ample declines across bellwether stocks - NB (-499bps), NESTLE (-391bps), UNILEVER (-286bps) and GUINNESS (-154bps). Meanwhile, the Banking (-75bps) and Industrial Goods (-20bps) sectors pared previous gains amidst losses in ZENITHBANK (-381bps), ACCESS (-147bps) and CAP (-491bps). The Energy sector (+84bps) however held on to gains, thanks to advances in FO (+500bps) and OANDO (+213bps).
- Market breadth turned positive with 15 advances and 14 declines.
What will shape the nexttrading session?
Given the sustained weak appeal for equities, particularly for large cap Consumer goods names, we believe the NSE ASI is headed for another bearish trading session at mid-week.
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