NSE ASI extends slide, shrugs off gains in Industrials
What shaped the market today?
The NSE ASI remained in the negative territory as sustained declines in the Consumer Goods and Financial Services sectors overturned a rebound in the Industrial Goods sector. Global markets traded mostly in the green, bolstered by dovish comments from the Federal Reserve Chair, Janet Yellen concerning the Fed fund rate hike.
Consumer Goods (-192bps) and Financial Services sectors (-237bps) extended their downward slide with declines in respective leaders; NB (-432bps), PZ (-498bps), GUINNESS (-292bps) and FBN (-536bps), ZENITHBANK (-301bps), ACCESS (-104bps). The Industrial Goods sector (+129bps) however bucked the trend following price appreciations in heavyweight DANGCEM (+123bps) and WAPCO (+260bps).
LIVESTOCK topped the volume chart trading 100 million units whilst NB topped the value chart trading value 3 million units worthWhat will shape the next trading session?
Whilst we see room for bargain hunting in some financial names and sustained gains for Industrials in tomorrow’s trading session, we expect sell pressure to persist in the Consumer Goods sector as investor appetite remain weak.
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