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NSE ASI lower as Banking sector hits the brakes
What shaped the market today?
- The Nigeria equity market continued with the sideways swing, closing 36bps lower at the end of today’s trading session as investors maintain mixed bias across key sectors. Global markets traded mixed on British Prime Minister Theresa May's comments as regards timing of Britain’s exit from European Union’s single market, coupled with U.S. President-elect Donald Trump's remarks on the strength of the dollar.
- Notwithstanding sustained gains in DIAMONDBANK (+504bps) and ACCESS (+174bps), the Banking Sector (+2bps) lost some steam to close flat amidst profit taking in ETI (-414bps) and ZENITHBANK (-44bps). The Industrial Goods sector (+4bps) also remained relatively unchanged amidst mixed closes in CCNN (+482bps) and CUTIX (-405bps). The Consumer Goods sector (-152bps) however continued on the poor run no thanks to continued sell-offs in GUINNESS (-427bps) and 7UP (-500bps). The Oil & Gas (-32bps) also closed lower as FO dipped further (-446bps).
- Market breadth turned negative with 18 advances and 24 declines.
- Guided by the persistent diverse appeal across different sectors, we foresee another mixed trading in the session ahead.
What will shape the next trading session?
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