NSE ASI slips further, down 45bps
What shaped the market today?
§The Nigerian bourse recorded further losses at the close of today’s session amidst red closes across all key sectors. Global markets traded with a bullish bias on hopes of possible stimulus actions in China following from a drop in China’s producer prices. European and U.S markets also traded higher as oil prices advanced and U.K.’s June Industrial Output rose by 0.1% m/m.
§The Oil & Gas (-110bps) and Consumer Goods (-18bps) sectors remained under water following declines in SEPLAT (-320bps), MOBIL (-500bps), HONYFLOUR (-461bps) and DANGFLOUR (-386bps). The Financial Services (-57bps) and the Industrial Goods (-32bps) also swung back into red at the close of the session as UBA (-220bps), FCMB (-299bps) and DANGCEM (-56bps) shed some weight.
§ Market breadth remained negative with 7 advances and 35 declines.
What will shape the nexttrading session?
§ With the deepening negative sentiment across board as revealed by the market breadth, we see high chances of further downtrend in the session ahead.
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