NSE ASI retreats as profit taking surfaces
What shaped the market today?
The Nigerian bourse lost steam after three consecutive positive sessions, dipping 58bps as the Financial Services and Industrial Goods sectors came under sell pressure. On the global front, European and Asian markets traded mostly lower as investors reacted to a slew of mixed corporate earnings releases and a decline in commodity prices. U.S. markets also opened lower.
Whilst the Consumer Goods sector (+21bps) maintained an upward trend on further gains in UNILEVER (+498bps) and NB (+26bps), the Financial Services sector (-100bps) halted its six-day gaining streak amidst profit taking in ETI (-516bps), GUARANTY (-58bps) and UBA (-224bps). The Industrial Goods (-13bps) and Oil & Gas (-59bps) sectors also shed weight following declines in respective names DANGCEM (-150bps) and FO (-179bps)
FBNH topped the volume chart trading 117 million units whilst NESTLE topped the value chart for the second consecutive session trading 856 thousand units worth N588 million.
What will shape the next trading session?
Despite today’s loss, we highlight that investor sentiment remains upbeat as indicated by a relatively higher market turnover and positive market breadth. That said, we see a mixed trading pattern with a bullish bias in tomorrow’s session.
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