Report
Vetiva Capital Management

Sideways trading drives ASI back to the red

What shaped the market today?

  • The Nigerian Equity market swung back to a negative close on the final trading session in H1’16 as an uptick in sell pressure across all key sectors kept the bourse on the back foot. Global stocks recorded a mixed performance in today’s session as the post-Brexit buying momentum dampened following a decline in oil prices.
  • The Financial Services sector (-79bps) slipped into negative territory as large caps ZENITHBANK (-144bps) and UBA (-208bps) pared yesterday’s gains. Consumer (-51bps) and Industrial (-61bps) Goods sectors followed suit, closing in the red owing to losses in heavyweight NB (-144bps) and DANGCEM (-103bps). Similarly, the Oil & Gas (-85bps) sector traded south as declines in SEPLAT (-294bps) and FO (-190bps) outweighed gains in OANDO (+484bps).
  • GUARANTY topped the volume chart trading 66 million units worth N1.5 billion.

What will shape the next trading session?

  • We highlight that today’s reversal was largely on the back of declines in select large cap stocks even as the market breadth was almost even. With these stocks still on the offer cart at the close of the market, we see likelihood of another weak close in the session ahead.


30/06/2016 2 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

​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.

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