NSE extends four-day losing streak at week open
What shaped the market today?
The Nigerian bourse closed lower for the fifth consecutive session as advances in the Financial Services sector were eroded by more substantial declines across other key sectors. On the global front, markets traded largely in the green (with the S&P 500 hitting an all-time intraday high) as investors continued to cheer the better than expected U.S. jobs data for the month of June and successful elections in Japan and Australia.
Whilst the Financial Services sector (+175bps) bounced into positive territory buoyed by advances in GUARANTY (435bps), ZENITHBANK (272bps) and UBA (247bps), Industrial Goods (-211bps), Oil & Gas (-116bps) and Consumer Goods (-7bps) continued to shed weight as WAPCO (-503bps), DANGCEM (-16bps), OANDO (-745bps), CHAMPION (-496bps) and HONYFLOUR (-493bps) remained under sell pressure.
GUARANTY topped the volume and value charts for the second consecutive session, trading 45 million units worth N1.1 billion.
What will shape the next trading session?
With the soft losses recorded today, we think the market may be close to bottoming out. We expect to see mild gains in the session ahead.
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