NSE ASI retreats at week close, loses 240bps w/w
What shaped the market today?
Nigerian equities reversed yesterday’s gains as renewed pressure on Industrial and Consumer Goods counters outweighed sustained gains in the Financials. Despite China’s Q1’16 GDP figure coming just in line with analysts’ expectation at 6.7%, global markets reversed previous session’s gains as uncertainties around oil production freeze took center stage.
The Financial Services sector (+117bps) extended its three-day gaining streak as demand remains strong across ZENITHBANK (+223bps), STANBIC (+500bps) and GUARANTY (+112bps). However, the Industrial Goods (-70bps) and Consumer Goods (-130bps) sectors retreated as WAPCO (-263bps), NB (-137bps), PZ (-970bps), and NESTLE (-77bps) all succumbed to sell pressure.
UBA topped both the volume and value charts trading 250 million units worth N811 million.
What will shape the next trading session?
Whilst we highlight the modest improvement in investor sentiment as indicated by sustained rise in market turnover, we expect the mixed trading pattern (with a bearish bias) to persist in the week ahead as we anticipate more uninspiring Q1’16 earnings – particularly from the banks
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