Trading turns mixed at week open
What shaped the market today?
The Nigerian equity market traded mixed with a bearish bias as continued delay on the details of the proposed foreign exchange regime reignited a weak market sentiment. Asian markets also opened the week to mixed trading as weak U.S. job data bolstered regional currencies, including the Yen. European and U.S. markets however traded in the green amidst gains in oil prices from continued production disruptions in Nigeria.
The Financial Services (-131bps) and Oil & Gas (-53bps) sectors lost momentum, pressured by declines in GUARANTY (-208bps), STANBIC (-495bps), ZENITHBANK (-100bps), TOTAL (-438bps) and OANDO (-97bps). Similarly, the Consumer Goods sector (-13bps) closed lower, albeit marginal, as gains in NB (+9bps) were outweighed by losses in GUINNESS (-289bps) and FLOURMILL (-318bps). The Industrial Goods sector however posted gains thanks to an advance in heavyweight DANGCEM (+88bps).
DIAMONDBNK topped the volume chart, trading 14 million whilst NB topped the value chart for the second consecutive session, trading 5 million units worth N720 million.
What will shape the next trading session?
We expect mixed trading to persist in tomorrow’s session as investors continue to await directions on the new FX regime.
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