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NSE ASI wraps up week in the red, down 145bps w/w
What shaped the market today?
- The NSE ASI closed the week lower, shedding 19bps today following a mixed trading session. On the global front, Asian and European markets extended losses on the final trading day of the week as a renewed fall in the price of oil and growth concerns (amidst the looming Brexit vote) weighed on investor sentiment. Likewise, U.S futures pointed to a lower open Friday.
- Whilst the Financial Services sector (+96bps) continued to trade in the green on gains in ZENITHBANK (+135bps), GUARANTY (+96bps) and FBNH (+161bps), the Consumer Goods (-101bps) and Oil & Gas (-177bps) sectors swung back to the negative, pressured by declines in NESTLE (-546bps), PZ (-497bps), FO (-428bps), and OANDO (-210bps). The Industrial Goods sector however remained relatively flat at week close.
- UBA topped the volume chart, trading 32 million units whilst ZENITHBANK topped the value chart, trading 27 million units worth
N406 million.
What will shape the next trading session?
- We do not see today’s reversal as surprising since we had earlier highlighted such possibility in our last market report. With overall market sentiment still appearing weak, we see chances of a bearish start to the week ahead.
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