Resilient bank earnings fail to lift NSE ASI
What shaped the
market
today?
§ Amidst the continued slide in oil prices and
a raft corporate announcements, Nigerian equities continued on a downward trend
with the Financials and Consumer Goods Sector leading losses. Similarly, the
Continued decline in commodity prices weighed on investor sentiment, sending
most global bourses into negative territory.
§
The Consumer Goods sector (-148bps) posted the largest decline for
the second consecutive session as NB (-412bps), HONYFLOUR (-409bps) and
FLOURMILL (-118bps) remained pressured. Similarly, the Financial Services
sector (-113bps) lost ground as gains in UBA (+968bps) and UCAP (+802bps) were
eroded by more substantial losses in ETI (-972bps) and DIAMONDBNK (-878bps).
The Industrial Goods sector (+108bps) however rebounded following two
consecutive sessions of declines as bellwether DANGCEM (+123bps) appreciated.
§ UBA topped the volume chart trading 71 million
units whilst WAPCO topped the value chart trading 12 million units worth N1
billion.
What will shape the next trading
session?
§ Whilst recent corporate earnings releases from some Tier I banks came in better than expected, we expect trading to be mixed in tomorrow’s session as investors continue to digest profit warning announcements from other banks.
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