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NSE sustains losses as Financials, Consumer Goods drag

What shaped the market today?

• The Nigerian bourse continued to trade in the red, largely on the back of losses in the Consumer Goods and Financial Services sectors. On the global scene, most major indices traded higher as investors turned cautiously optimistic, relatively shrugging off concerns about the potential impact of Brexit on the global economy.

• The Financial Services (-161bps) and Consumer Goods (-165bps) sectors extended losses today as investors continued to take profit on GUARANTY (-296bps), ZENITHBANK (-194bps), NB (-278bps), and GUINNESS (-318bps). The Oil & Gas (-34bps) posted mild losses as sell pressure on OANDO (-571bps) and TOTAL (-500bps) outweighed appreciation in SEPLAT (+253bps). The weighty Industrial Goods sector however closed flat as sector giant DANGCEM remained unchanged.

• TRANSCORP topped the volume chart trading 44 million units whilst GUARANTY topped the value chart trading 43 million units worth N961 million.

What will shape the next trading session?

• Noting the milder losses recorded today and modest resurgence of buying interest in select stocks, we expect to see mixed trading tomorrow as profit taking across key counters wanes further.