NSE ASI closed in the red despite rebound in Financials
What shaped the market today?
Nigerian equities retreated following two consecutive sessions of green close as gains in Financials were eroded by more substantial declines in Industrial and Consumer Goods sectors. Whilst Asian and the European markets traded mixed, the U.S. market open lower as growing global growth concerns continue to weigh on investor sentiment.
The Financial Services sector (+65bps) climbed into positive territory bolstered by gains in GUARANTY (+100bps), ETI (+100bps), and UBA (+159bps). However, sustained gains in bellwether NB (+92bps) did little to lift the Consumer Goods sector (-20bps) following losses in NESTLE (-217bps), HONYFLOUR (-208bps) and TIGERBRANDS (-80bps). Similarly, the Industrial Goods sector (-68bps) closed in the red, pressured by decline in DANGCEM (-117bps).
EQUITYASUR topped the volume chart trading 79 million units whilst GUARANTY topped the value chart for the second consecutive session, trading 23 million units worth N332 million.
What will shape the next trading session?
Whilst we note that the overall market sentiment remains tepid, we highlight the mild recovery in investor appetite as indicated by positive market breadth and a higher volume vs. previous sessions. Consequently, we anticipate a modest uptick for the NSE ASI in tomorrow’s trading session.
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