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Trading bearish at week close, ASI down 154bps w/w
What shaped the market today?
- Coming from a three-day holiday, the Nigerian Stock Exchange closed Friday’s trading session in negative territory owing to sell down in the Financial Services and Industrial Goods sectors. Whilst Asian markets traded mostly lower week amidst lower oil prices, better than expected U.S non-farm payrolls data for the month of June spurred a rally in European and U.S markets.
- The Industrial Goods (-228bps) and Financial Services (-156bps) sectors extended losses today following to declines in WAPCO (-500bps), CCNN (-490bps), UBA (-346bps), ETI (-496bps) and DIAMONDBNK (-946bps). The Consumer Goods (-35bps) and Oil & Gas (-27bps) sectors posted milder losses with UNILEVER (-430bps), HONYFLOUR (-596bps), FO (-494bps) recording some of the biggest declines in respective sectors.
- GUARANTY topped the volume and value charts trading 32 million units worth
N750 million.
What will shape the next trading session?
- Closing positions across most traded stocks and tepid market indicators suggest that market sentiment remains weak. That said, we expect market to open to cautious trades in the week ahead.
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