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Vetiva Capital Management

NSE ASI extends loss, down 50bps

What shaped the market today?

  • The Nigerian equity market closed lower, with the NSE ASI shedding 50bps largely weighed down by declines across Cement stocks. Global markets traded mixed amidst rising expectations of a rate hike by the U.S Fed in December and as investors continue to keep an eye on Trump’s proposed economic policies.
  • The Industrial Goods sector (-409bps) was the biggest drag in today’s session, stretching its losing streak to four sessions after another round of declines across shares of cement producers – WAPCO (-833bps) and DANGCEM (-152bps). The Oil & Gas sector (-39bps) also closed down following declines across CONOIL (-499bps) and OANDO (-489bps). The Financial Services sector (+133bps) however rebounded after ACCESS advanced 219bps and GUARANTY (+429bps) soared to halt a three-session downtrend. The Consumer Goods closed flat amidst mixed performances across DANGSUGAR (+80bps), NB (+22bps), INTERBREW (-447bps) and HONYFLOUR (-439bps).
  • Market breadth remained negative with 9 advances and 24 declines.

What will shape the next trading session?

  • Whilst we note the modest recovery across a few key sectors, we believe market sentiment remains quite bearish even as market breadth remains markedly negative amidst thin market volume.


15/11/2016 3 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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