NSE ASI opens week with broad based losses
What shaped the market today?
Nigerian equities opened the week with dividend adjustments for some top banks. Ahead of a speech from Federal Reserve Chair, global markets traded mostly in negative territory as renewed downward pressure on oil prices weighed on investor sentiment.
Consumer Goods (-192bps) and Industrials sector (-154bps) were the biggest laggards following profit taking in NB (-499bps) and declines in DANGCEM (-119bps) and WAPCO (-488bps). The Financial Services sector (-80bps) came under sell pressure as ACCESS (-401bps), FBNH (-480bps) and ETI (-156bps) led declines; ZENITHBANK (-13.0%) and GUARANTY (-9.8%) were adjusted for dividend payments.
FCMB topped the volume chart trading 60 million units whilst GUARANTY topped the value chart trading value 34 million units worth N503 million.
What will shape the next trading session?
Given that today’s decline is partly reflective of dividend adjustments in large banks, we think the adjusted prices may become attractive and expect these banks could lead financial services tomorrow. However, we note the relatively weak market volume, about half of which was contributed by a single stock, signaling somewhat weak market sentiment
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