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NSE ASI extends 4-day losing streak, down 195bps
What shaped the market today?
- The NSE ASI (-195bps) plunged to a fresh 5-month low, recording its largest daily loss in Q3, following renewed pressure on cement stocks. The uncertainty of the U.S Presidential election continued to shape global markets with indices trending in varying directions.
- The Industrial Sector Index (-447bps) posted its largest daily decline in Q3’16 following sizeable declines across cement stocks - WAPCO (-499bps), CCNN (-486bps) and DANGCEM (-488bps). The Financial Services (-122bps) and Oil & Gas sectors (-126bps) also closed under water following declines across GUARANTY (-210bps), ZENITHBANK (-115bps), FO (-500bps) and OANDO (-186bps). The Consumer Goods sector (-52bps) was the silver lining in today’s session as NB (+141bps) bucked its recent downtrend, outweighing declines across CHAMPION (-947bps) and UACN (-500bps).
- Market breadth remained negative with 13 advances and 31 declines.
What will shape the next trading session?
- Today’s market performance reveals that investor sentiment remains bearish. We expect the ASI to sustain its downtrend given the sustained pressure across board.
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