NSE ASI retreats as profit taking ensues
What shaped the market today?
Following three consecutive banner sessions, Nigerian equities came under sell pressure as investors took profit across most key sectors. On the global front, Asian markets traded in positive territory amidst a rally in a number of energy stocks driven by rising oil prices. European markets however traded mixed with bearish bias, pressured by declines in auto stocks whilst U.S. markets opened lower.
The Oil & Gas sector (-335bps) recorded the biggest declines no thanks to a sell down in FO (-875bps) and TOTAL (-286bps). The Financial services (-135bps) and Industrial Goods (-3bps) sectors also closed lower on the back of declines in respective names; ZENITHBANK (-393bps), FBNH (-429bps) GUARANTY (-89bps) and DANGCEM (-6bps). However, Consumer Goods sector (+51bps) maintained an upward trend, posting the only positive close, as investors maintained their appeal for NB (+164bps) and NESTLE (+42bps).
UBA topped the volume chart, trading 65 million units whilst ZENITHBANK topped the value chart, trading 33 million units worth N511 million.
What will shape the next trading session?
Noting the room for more profit taking across a handful of large cap stocks, we see likelihood of further declines across stocks in the session ahead.
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