Report
Vetiva Capital Management

NSE ASI opens on negative footing, down 35bps

What shaped the market today?

  • The Nigerian bourse opened the week in red, stretching its 3-day decline as all key sectors finished in negative territory. Global markets rallied as investors further priced in a win for Hilary Clinton after the FBI cleared her of any criminal offence.
  • The Financial Services sector (-145bps) was the worst performer in today’s session as GUARANTY (-315bps) extended its losing streak to five in a row, DIAMONDBNK (-450bps) and ACCESS (-126bps) also shed points. The Consumer Goods sector (-14bps) also opened the week on the back foot after losses in UNILEVER (-300bps) and DANGSUGAR (-129bps) outweighed an advance in GUINNESS (+238bps). The Industrial Goods (-18bps) and Oil & Gas (-6bps) sectors closed lower following declines in CCNN (-554bps), CAP (-400bps) and OANDO (-69bps).
  • Market breadth remained negative with 10 advances and 18 declines.

What will shape the nexttrading session?

  • We highlight that the ASI was on a steady downtrend in today’s session as revealed by the intraday chart and believe this a pointer that market sentiment is negative across board. We therefore expect another bearish trading in the session ahead.


07/11/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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