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NSE ASI caps off week in red, down 80bps w/w

What shaped the market today?

• The Nigerian bourse logged further losses at week close with the ASI down 62bps largely driven by declines across Industrial Goods and Banking names. On the global front, European stocks traded mixed whilst Asian markets were higher as a relatively weaker yen continued to buoy export stocks. U.S. Futures pointed to a higher open ahead of a shortened session due to the Thanksgiving holiday.
• The Industrial Goods sector (-171bps) weighed most on the ASI after renewed sell pressure in WAPCO (-317bps), DANGCEM (-93bps) and JBERGER (-305bps). The Financial Services sector (-71bps) was next in line following declines across STANBIC (-362bps), ETI (-306bps) and ZENITHBANK (-143bps). Meanwhile, the Oil & Gas sector (+39bps) bounced off nine consecutive sessions of losses after TOTAL bucked its recent downtrend to close limit up and MOBIL surged 500bps, these gains were however trimmed by declines in FO (-899bps) and OANDO (-500bps). The Consumer Goods sector edged 6bps higher as DANGSUGAR rose 316bps.
• Market breadth turned negative with 17 advances and 20 declines.

What will shape the next trading session?

• We expect next week to show a see-saw trading pattern as investors seek bargains amidst the market sell off.