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Stocks take cue from earnings, ASI down 27bps
What shaped the market today?
- Amidst a raft of weak corporate earnings, the NSE ASI (-27bps) turned negative at week open, pressured by declines across Industrial and banking stocks. Global markets opened the week mostly lower amidst uncertainty over the upcoming U.S presidential election, a slide in oil prices and disappointing industrial output data from Japan.
- Industrial Goods (-186bps) weighed most on the ASI as WAPCO fell 500bps following the release of 9M’16 earnings (LAT: ₦37 billion). The Financial Services sector (-94bps) equally closed lower after losses across heavyweights - GUARANTY (-147bps) and ZENITHBANK (-134bps). The Oil & Gas (+45bps) and Consumer Goods (+10bps) sectors however closed in positive territory after advances in TOTAL (+455bps), MRS (+837bps), PZ (+606bps) and NESTLE (+51bps).
- Market breadth turned negative with 17 advances and 32 declines.
What will shape the nexttrading session?
- We expect investors to continue to take a cue from earnings releases as the last batch of earnings trickle in. We also believe the barrage of weak earnings announced today could lead to more points off the ASI in the next session.
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