NSE ASI plunges further, down 73bps
What shaped the market today?
Nigerian equities dropped more points (73bps) at the close of today’s session amidst increased pressure across market heavyweights. On the global front, Asian markets traded mixed as investors weighed the Reserve Bank of Australia decision to keep interest rate unchanged. In Europe, markets seesawed as oil prices pared yesterday’s gains. U.S markets opened flat after ISM non-manufacturing PMI for August surprisingly came in at 51.4 below Reuters estimate of 55.0.
Banking (-125bps) and Oil & Gas (-101bps) sectors led market declines following negative closes in ZENITHBANK (-234bps), UBN (-500bps), FO (-282bps) and TOTAL (-37bps). The Industrial Goods (-68bps) was next in line on the list following losses in DANGCEM (-114bps) and sell pressure in PORTPAINT (-909bps). The Consumer Goods sector however closed relatively flat (-4bps) after losses in CADBURY (-411bps) and CHAMPION (-472bps) outweighed gains in GUINNESS (+49bps).
Market breadth remained negative with 10 advances and 29 declines.
What will shape the next trading session?
The negative closes across all key sectors amidst widening negative breadth and low trade volume suggests that market sentiment has become bearish. We believe this could weigh further on the ASI in the session ahead.
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