NSE ASI dips 28bps in extended trading session
What shaped the market today?
Nigerian equities extended declines in an interrupted session (technical glitch) which stretched trading for an additional 90 minutes. Amidst news that top oil producers failed to reach an agreement to freeze production over the weekend, global markets opened mostly lower; European and U.S markets however climbed into positive territory as investors looked past the failed “freeze talksâ€.
The Financial Services sector (-60bps) halted its four-day positive run following losses in sector-leaders ZENITHBANK (-131bps), GUARANTY (-13bps) and FBNH (-90bps). Similarly, the Consumer Goods sector (-64bps) remained under water as sell pressure persisted on bellwether NB (-142bps). The Industrial Goods sector (-3bps) also shed weight albeit mild as decline in CCNN (-498bps) offset modest gain in heavyweight DANGCEM (+4bps).
EQUITYASUR topped the volume chart trading 40 million units whilst GUARANTY topped the value chart trading 11 million units worth N181 million.
What will shape the next trading session?
As Q1 earnings season kicks into gear, expectedly weaker earnings outlook amidst failed oil production freeze cuts are likely to steer trading at the next session.
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