NSE posts week long decline
What shaped the market today?
The Nigerian bourse traded lower on the last session of the week to complete a week-long rout as a rebound in the Consumer Goods and Oil & Gas sectors were erased by weightier losses in other key sectors. Global markets traded mixed with a bearish bias on the back of mixed PMI data from Euro zone (came in at 52.9, beating market expectation by 0.4) and Britain (Services and Manufacturing PMI down to 47.4 and 49.1 respectively), and mixed earnings releases.
Whilst the Industrial Goods (-224bps) and Financial Services (-39bps) sectors extended declines following losses in DANGCEM (-427bps), STANBIC (-363bps) and FBNH (-59bps), the Consumer Goods (+118bps) and Oil & Gas sectors (+40bps) rebounded on the back of gains in INTBREW (+499bps), HONYFLOUR (+435bps), NESTLE (+180bps) and OANDO (+407bps).
ZENITHBANK topped the volume and value chart, trading 47 million units worth N713 million.
What will shape the next trading session?
Following week-long losses, we think the market could throw up bargains that could steer the coming session into the green, noting that market breadth turned positive for the first time in 14 sessions. That said, sentiment remains broadly negative.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.