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NSE ASI plunges further, down 95bps
What shaped the market today?
- The Nigerian Bourse (NSE ASI down 95bps) recorded heavier losses at the close of today’s trading session as all weighty sectors closed in the red. Whilst Asian markets closed mixed, European shares retreated from previous rally on investor concerns that European Central Bank might be scaling back on the pace of bond buying before the conclusion of its quantitative easing. U.S. futures pointed to a higher market open.
- The Financial Services sector (-234bps) was at the heart of market declines amidst sharp reversals in Tier 1 names - ZENITHBANK (-366bps) and GUARANTY (-356bps). The Oil & Gas sector was the next in line, down 135bps after losses in FO (-446bps) outweighed continued gains in OANDO (+238bps). The Industrials Goods sector (-59bps) also closed lower due to declines in DANGCEM (-109bps), likewise the Consumer Goods sector (-38bps) following investor reaction to Q1’17 earnings of PZ (-971bps) - reported loss-after-tax of
N1.6 billion. - Market breadth remained negative with 20 advances and 25 declines.
What will shape the next trading session?
- We With most large cap stocks still under pressure as at market close, we maintain a bearish bias on the session ahead.
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