Slide in energy stocks pulls NSE ASI lower
What shaped the market today?
Nigerian equities opened the final trading week of April on a negative as a slide in energy shares eroded gains in other key sectors. Amidst an intra-day volatility in oil prices, Asian and European equities traded in the red across board as investors took to the sidelines ahead of a number of Central bank meetings due later during the week. Likewise, U.S. markets opened lower, weighed by losses in energy stocks.
The Oil & Gas sector (-419bps) almost single-handedly pulled the NSE ASI lower after investors sold down FO (-913bps) to a level not seen in 4 months (N250.00/share), coupled with price decline in OANDO (-113bps). Other key sectors - Financial Services sector (+25bps), Consumer Goods sector (+15bps) and Industrial Goods (+4bps) – closed higher on the back of price appreciations in respective names, GUARANTY (+75bps), ACCESS (+183bps), NB (+37bps) and CCNN (+493bps).
ACCESS topped both volume and value charts trading 55 million units worth N216 million.
What will shape the next trading session?
Asides the significant drag from the Oil & Gas sector in today’s session, the broader market sentiment appears relatively tepid as partly revealed by weak market indicators. This could possibly drive the market to another weak close in the session ahead.
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