NSE ASI down 65bps w/w
What shaped the market today?
The NSE ASI closed flat on the final trading session of the week amidst continued volatility and mixed performances across key sectors. On the global scene, most markets closed lower after investors digested the ECB’s decision to leave interest rates unchanged whilst confirming that its bond-buying program will run until March 2017 or beyond, if necessary. Asian markets sold off after North Korea claimed its fifth nuclear test.
The Oil & Gas sector extended gains as investors continue to cheer earnings release and dividend declaration by CONOIL (+10.19%). Whilst the Financial Services sector (-28bps) swung into positive territory following gains in STANBIC (+338bps), UBN (+397bps) and UBA (+250bps), Industrial Goods receded 140bps as WAPCO shed 345bps. The Consumer Goods sector however ended flat following mixed closes across sector heavyweights - PZ (+407bps), UNILEVER (+57bps), NESTLE (-60bps) and NB (-53bps).
Market breadth remained positive 26 advances and 18 declines.
What will shape the next trading session?
The Nigerian Stock Exchange will be closed Monday and Tuesday for the Eid el Kabir festival. We expect market to resume (Wednesday) on a cautious note after the break.
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