NSE ASI drops 23bps at week open
What shaped the
market
today?                  Â
§ The Nigerian equity market opened the week in negative territory following
continued price declines across market large
caps. European Markets traded mixed, waving off the
weekend’s failed military coup in Turkey as an impending deal between U.K tech
firm ARM Holdings and Japans’ Softbank supported markets. Asian markets traded mostly up whilst U.S markets opened higher following
better than expected earnings releases.
§ Whilst the Oil & Gas sector (+208bps) rallied for the third
consecutive session as gains in FO (+811bps) outweighed losses in OANDO (-407bps), the Industrial Goods sector
(-212bps) pared previous session’s gains following declines in WAPCO (-508bps).
The Financial Services Sector (-30bps) and
Consumer Goods (-42bps) also closed lower amidst losses in GUARANTY (-96bps), FBNH (-132bps), NB (-71bps) and NESTLE (-23bps).
§ SKYEBANK topped the volume chart, trading 138 million
units whilst ZENITHBANK topped the value chart trading, 18 million units
worth N289 million.
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What will shape the next trading
session?
§  The thin market
volumes and the widely negative market breadth continue to suggest that market
sentiment remains weak. We think this presents
a case for another likely bearish close in the session ahead.
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