Stocks halt four session streak
What shaped the market today?
​Nigerian equities halted a four-session gaining streak as sell pressure in Industrial Goods and Financial Services sectors pulled the NSE ASI down 109bps. Elsewhere, European markets climbed into positive territory as investors shrugged off yesterday’s terror attacks to focus on positive composite PMI numbers from Germany and France. Asian and U.S. markets however traded mostly lower as volatility in oil prices continued to weigh on investor sentiment.
The Consumer Goods sector (+90bps) maintained positive momentum as persistent gains in heavyweight NB (+404bps) and DANGSUGAR (+85bps) overwhelmed losses in GUINNESS (-274bps) and INTBREW (-778bps). Industrial Goods (-225bps) and Financial Services (-165bps) however closed lower following declines across sector heavyweights - DANGCEM (-238bps), WAPCO (-172bps), ZENITHBANK (-279bps) and GUARANTY (-184bps).
UCAP topped the volume chart trading 95 million units whilst DANGCEM topped the value chart trading value chart trading 3 million units worth N526 million.
What will shape the next trading session?
With a handful of mid to large cap stocks still on the offer cart at the close of today’s trading session, we see possibilities for another negative close tomorrow.
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