NSE ASI sheds weight as weak GDP weighs
What shaped the market today?
Nigerian equities raced southwards across board at week open as investors reacted to a contraction in economic activities as indicated by the recently published Q1’2016 GDP figure (GDP growth: -0.36% y/y). Meanwhile, Asian and European markets traded mostly lower amidst sustained oil prices slide, mixed data from the Eurozone and a stronger yen though Chinese bourse bucked the trend. The U.S. markets however opened higher, bolstered by gains in Materials shares.
The Financial Services sector (-201bps) was the biggest laggard as declines in ZENITHBANK (-489bps), ACCESS (-439bps) and SKYEBANK (-342bps) overwhelmed an advance in STANBIC (+10.19%). Likewise, the Consumer Goods (-41bps) and Oil & Gas (-9bps) sectors came under pressure with respective names; PZ (-497bps), TIGERBRANDS (-146bps), NB (-56bps) and FO (-25bps) shedding weight. The Industrial Goods sector however closed on the flat-line.
UBA topped the volume chart, trading 59 million units whilst ZENITHBANK topped the value chart, trading 35 million units worth N540 billion.
What will shape the next trading session?
We expect the renewed pressure to extend into tomorrow’s session as we note that the below-view Q1’2016 figure has triggered risk off sentiment amongst investors.
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