NSE ASI opens weak amidst light volumes
What shaped the market today?
The Nigerian Equity market opened the week in the negative with the NSE ASI shedding 30bps following losses across most key sectors in a delayed trading session (due to technical glitch). Major global bourses struggled at week open as comments from U.S Fed Chair last Friday suggested a possible interest rate hike by September. However, Japanese stocks rose, boosted by a weaker yen as the Bank of Japan is set to approve further monetary easing. U.S futures predicted a slightly higher open ahead of personal spending and inflation data.
The Financial Services (-54bps) and Consumer Goods (-43bps) sectors extended previous losses following declines in UNITYBNK (-952bps), DIAMONDBNK (-446bps), FBNH (-198bps) and NB (-127bps). The Oil & Gas sector (-4bps) also opened the week lower albeit marginally following a 40bps decline in OANDO whilst the Industrial Goods sector closed flat.
Market breadth turned negative with 11 advances and 20 declines.
What will shape the nexttrading session?
Given the disruption to today’s session which resulted to the extremely low market volume, we think the next trading session could show extended levels of volatility even as investors eye Wednesday’s economic data release – Q2 GDP, Q2 Unemployment and July Inflation.
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