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Stocks extend slide as MPC hold rates
What shaped the market today?
- Ahead of the MPC decision to hold rates steady, Nigerian equities continued to shed points, with the ASI (-17bps) extending its losing streak to eight in a row, equaling the year’s longest barren run recorded in January. Global markets traded higher with the Dow surging to an all-time high as expectations that OPEC could reach an output cut deal gave market sentiment a fillip.
- The Oil & Gas sector (-254bps) continued to lag other key sectors after a rout in FO (-974bps) coupled with a decline in TOTAL (-500bps) erased gains in MOBIL (+263bps) and OANDO (+127bps). The Financial Services sector added 5bps after WEMABANK (-377bps), FCMB (-82bps), ZENITHBANK (+35bps) and GUARANTY (+29bps) traded mixed. Whilst the Industrial Goods sector maintained its flat close, Consumer Goods inched lower after weighty losses in PZ (-334bps) and DANGSUGAR (-162bps) overturned a spike in CHAMPION (+841bps).
- Market breadth remained negative with 11 advances and 18 declines.
What will shape the next trading session?
- We believe the recently released GDP numbers and MPC decision to “do nothing†could keep investors on the sidelines for a little while longer.
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Vetiva Capital Management
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