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NSE ASI sinks below 27000
What shaped the market today?
- Nigerian stocks ended lower (NSE ASI down 23bps) on Friday after a week of choppy trading as the corporate earnings season winds to a close. Global equities capped the week with declines amidst weaker-than-expected U.S. Jobs data and as uncertainty over the U.S Presidential election intensified.
- Sharp declines in heavyweight TOTAL (-500bps), SEPLAT (-500bps), GUARANTY (-396bps) and ZENITHBANK (-199bps) sent Energy (-290bps) and Banking (-220bps) sectors tumbling. Conversely, the Industrial Goods sector (+399bps) soared, buoyed by a rally in WAPCO (+10%). The Consumer Goods (+41bps) also mustered a positive close as NESTLE (+251bps) and FLOURMILL (+368bps) offset sell pressure on NB (-60bps).
- Market breadth remained negative with 9 advances and 21 declines.
- Save for some late session spikes, we note that the NSE ASI was on a downward trend over the final hour of trade amidst sell pressure across board. This points to a volatile open in the coming week.
What will shape the next trading session?
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