NSE ASI reacts to potential exclusion from MSCI index
What shaped the market today?
Amidst speculations of a possible exclusion from the MSCI frontier markets index, Nigerian equities raced southwards at week open. On the back of sustained rebound in oil prices (trading at $42bbl. 15:15 hrs. WAT), global markets traded mostly in positive territory.
The Financial Services sector (-375bps) led declines as ZENITHBANK (-420bps), ETI (-493bps) and GUARANTY (-210bps) opened to sell pressure. Likewise, the Consumer Goods sector (-171bps) retreated as bellwether NB (-446bps) succumbed to profit taking and as DANGSUGAR (-93bps), HONYFLOUR (-426bps) and UNILEVER (-17bps) declined. The Industrial Goods sector (-280bps) also remained under water. Notably, heavyweight DANGCEM (-479bps) was marked down for dividend payment.
EQUITYASUR topped both the volume chart for the second consecutive session trading 44 million units whilst NB topped the value chart trading 1 million units worth N118 million.
What will shape the next trading session?
We expect the negative news flow from MSCI which has triggered risk-off sentiment to continue to dictate trading in the sessions ahead.
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