Report
Vetiva Capital Management

NSE ASI swings back to the negative, down 163bps

What shaped the market today?

  • The Nigerian equity market halted 3-day gaining streak at week open as profit taking across major sectors steered the NSE ASI 163bps lower. Global stocks continued to trade in the green at week open as several encouraging opinion polls released over the weekend relieved Brexit concerns in major global markets.
  • The Financial Services (-261bps) sector led the reversal as heavyweight GUARANTY (-106bps), ZENITHBNK (-414bps), and ETI (-500bps) pared previous gains. The weighty Industrial Goods (-122bps) and Consumer Goods (-165bps) sectors followed suit, dragged by sell down in bellwether DANGCEM (-208bps), NB (-500bps), and GUINNESS (-394bps). The Oil & Gas (+55bps) sector however bucked the negative trend courtesy of gains in TOTAL (+231bps) and FO (+101bps).
  • FBNH topped the volume and value charts trading 88 million units worth N383 million.

What will shape the next trading session?

  • Although we had earlier highlighted the possibility of profit taking this week, we however think today’s reversal could have been fueled by the slow start to the new currency market structure. That said, whilst we see room for more profit taking, we think market sentiment could improve in the coming sessions as the currency market opens up further.


20/06/2016 2 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

​Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.

See profile
Other Reports from Vetiva Capital Management
Read more reports

ResearchPool Subscriptions

Get the most out of your insights

Get in touch