NSE ASI shrugs off rebound in Consumer Goods, down 70bps w/w
What shaped the market today?
Nigerian equities ended the week on a bearish note as declines in Industrial Goods and Financial Services eroded gains in Consumer Goods. Meanwhile, oil prices rebounded on fresh hopes over a proposed freeze in oil production. Consequently, global markets traded mostly in positive territory.
Whilst the Consumer Goods sector (+50bps) rebounded in today’s session thanks to gains in NB (+83bps), FLOURMILL (+486bps) and DANGSUGAR (+37bps), the Financial Services sector (-10bps) retreated as losses in ETI (-231bps), FBNH (-457bps) and STANBIC (-193bps) overwhelmed advances in GUARANTY (+120bps) and UBA (+125bps). The Industrial Goods sector (-34bps) also extended declines as heavyweight DANGCEM shed 58bps.
GUARANTY topped both the volume and value charts trading 56 million units worth N808 million.
What will shape the next trading session?
Pressured by the weak market sentiment as indicated by thin market volume and value of transactions (with GUARANTY accounting for c.62% of total market value traded in today’s session), we expect the see-saw trading pattern with a bearish bias to persist into the coming week.
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