NSE ASI drops points as key sectors trade mixed
What shaped the market today?
Nigerian equities lost steam after two days of gains as sustained pressure on the Industrial Goods and Oil & Gas sectors eclipsed gains in other key sectors. Elsewhere, Asian and European markets traded in positive territory as investors cheered a number of positive earnings releases and a mild up-tick in commodity prices. Similarly, U.S. markets opened in the green, buoyed by gains in Financial and Energy stocks.
Similar to the yesterday’s trading pattern, the Consumer Goods (+99bps) and Financial Services (+62bps) sectors recorded the largest gains as investors maintained their appeal for respective names, UNILEVER (+498bps), NB (+69bps), FLOURMILL (+679bps), STERLNBANK (+491bps), WEMABANK (+667bps), and UBN (+236bps). The Industrial Goods (-242bps) and Oil & Gas (-163bps) sectors remained in negative territory, pressured by declines in DANGCEM (-120bps), WAPCO (-280bps) and FO (-422bps).
FBNH topped the volume chart trading 29 million units whilst ZENITHBANK topped the value chart trading 27 million units worth N380 million.
What will shape the next trading session?
We foresee another mixed trading pattern with bullish bias in tomorrow’s session noting interest in key Consumer Goods and Banking shares.
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