NSE ASI slides further at week close
What shaped the market today?
§The Nigerian bourse shed more points at week close following mixed closes across key sectors. On the global scene, whilst Asian markets traded higher on the back of some recovery in oil prices, European markets traded lower as falling metal prices weighed on mining stocks. U.S markets also opened lower following from weak retail sales data which came in unchanged against estimates of a 0.4% increase.
§Industrial Goods (+188bps) and Oil & Gas (+42bps) reversed previous losses thanks to gains in WAPCO (+614bps), TOTAL (+170bps), and OANDO (+148bps). The gains were however wiped out by losses in the Consumer Goods (-55bps) and Financial Services (-30bps) sectors following negative closes in NB (-108bps), NESTLE (-61bps). ZENITHBANK (-192bps) and FBNH (-398bps).
§ Market breadth remained negative with 17 advances and 24 declines.
What will shape the next trading session?
- §Whilst we note the recovery of some key sectors from their loss positions, we expect the market to continue in its topsy-turvy pattern in the week ahead.
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