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NSE ASI opens on negative footing, down 81bps
What shaped the market today?
- The Nigerian equity market opened the week on the back foot, with the NSE ASI down 81bps after all key sectors closed in negative territory. Global markets traded mostly lower ahead of a deluge of economic data from China and the European Central Bank meeting scheduled Thursday.
- The Oil & Gas sector (-208bps) was the main laggard in today’s session amidst declines in FO (-500bps), OANDO (-320bps) and SEPLAT (-152bps). The Consumer Goods (-155bps) and the Financial Services sector (-95bps) swung into negative territory following losses across sector heavyweights - NB (-313bps), CADBURY (-498bps), ETI (-305bps), FBNH (-232bps) and ZENITHBANK (-200bps). The Industrial Goods sector (–10bps) however posted mild loss on extended declines in WAPCO (-31bps).
- Market breadth turned negative with 7 advances and 28 declines.
What will shape the next trading session?
- We believe today’s weak trade volumes and negative market breadth might be indications that investors maintain a bearish bias on Q3 earnings. We expect this to weigh further on the ASI in coming sessions.
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