Report
Vetiva Capital Management

NSE ASI records steepest day decline since 2010

What shaped the market today?

  • Following the bull run of the past week, the Nigerian bourse opened the week in negative territory amidst profit taking across all major sectors. Global markets traded mixed in today’s session as European markets traded lower on prospects of a June U.S interest rate hike, whilst Asian markets were mostly higher, supported by better than expected economic data from Japan. U.S markets opened lower, weighed by Consumer Discretionary stocks.
  • The Financial Services sector (-662bps) led laggers following sizeable declines in heavyweight ZENITHBANK (-965bps), GUARANTY (-524bps), and UBA (-575bps). Similarly, the Industrial Goods (-550bps) and Consumer Goods (-279bps) sectors dipped into the red dragged by weighty declines in respective sector large caps; DANGCEM (-464bps), WAPCO (-776bps), NB (-493bps), and GUINNESS (-500bps).
  • FIDELITYBK topped the volume chart trading 75 million units whilst NB topped the value chart, trading 7.1 million units worth N964 million.

What will shape the next trading session?

  • We expect the profit taking to extend into the coming session even as large caps remain on the offer cart.


31/05/2016 1 EN
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Vetiva Capital Management
Vetiva Capital Management

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