FREE

NSE ASI kicks off week in the red, down 47bps

What shaped the market today?

• The All Share index dropped points at week open, shedding 47bps amidst mixed performances in key sectors. Global stocks maintained a downward trend today amidst sustained uncertainty surrounding the Brexit vote and ahead of central bank meetings in the U.S and Japan this week. U.S markets however bucked the trend, opening higher on gains in energy stocks.

• Whilst buying interest for Financials (+76bps) was sustained at week open courtesy of gains in DIAMONDBNK (+566bps), ACCESS (+417bps) and GUARANTY (+69bps), the Industrial Goods (-205bps), Consumer Goods (-72bps), and Oil & Gas (-48bps) sectors continued to trade in negative territory, largely due to respective losses in DANGCEM (-73bps), DANGSUGAR (-247bps), and OANDO (-500bps).

• FBNH topped the volume chart, trading 40 million units whilst NESTLE topped the value chart, trading 2 million units worth N1.25 billion.

What will shape the next trading session?

• According to media reports, the Central Bank of Nigeria could be releasing the much awaited guidelines on the flexible foreign exchange regime (announced at the May MPC meeting) this week. We expect markets to continue to trade cautiously ahead of the release of the guidelines.