NSE ASI slips further
What shaped the market today?
Nigerian stocks lost further ground today amidst comments by Finance Minister Adeosun that currency announcement may come within a month and a downward revision of Nigeria’s 2016 growth forecast to 0.8% (previous: 4.6%) by the World Bank. Global markets traded mostly lower as a downward revision in World Bank growth forecast to 2.4% (previous: 2.8%) renewed concerns about the health of the global economy.
The Consumer Goods (-222bps) and Industrial Goods (-181bps) sectors posted the largest declines following losses in NB (-478bps), DANGSUGAR (-691bps), GUINNESS (-46bps) and DANGCEM (-294bps). Likewise, the Financial Services (-26bps) shed some weight, albeit marginal, as losses in GUARANTY (-107bps) and UBN (-365bps) were tapered by advances in ETI (+376bps) and UNITYBNK (+10.00%). However, the Oil & Gas sector (+271bps) maintained a positive momentum as FO (+500bps) and OANDO (+789bps) continued on an upward trend.
WAPIC topped the volume chart, trading 61 million whilst ZENITHBANK topped the value chart, trading 7 million units worth N196 million.
What will shape the next trading session?
We think more negative market reaction could follow the update on the currency front as markets had expect an early unveiling of the currency framework post the May MPC meeting.
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