Waning investor appetite keep NSE ASI lower
What shaped the market today?
Bearish sentiment persisted on the Nigerian bourse with losses in Financials, Industrials, and Consumer Goods overturning a modest rally in the Oil & Gas sector. Meanwhile, global markets traded higher as investors cheered the rise in oil prices and the latest comments from the Fed chair which suggested no rate hike in the coming Fed meeting.
The Financial Services (-134bps) continued to lead declines as key names GUARANTY (-53bps), UBA (-957bps) and ACCESS (-468bps) continued to shed weight. Likewise the Industrial Goods (-33bps) and Consumer Goods (-14bps) sectors posted mild declines following mixed performances in GUINNESS (+96bps), 7UP (+282bps), NB (-44bps) and DANGCEM (-59bps). The Oil & Gas sector (+135bps) however rebounded as investors bid up their stake in OANDO (+10.16%) and TOTAL (+173bps).
UBA topped the volume chart, trading 41 million whilst NB topped the value chart for the third consecutive session, trading 7 million units worth N909 million.
What will shape the next trading session?
Barring any catalyst, we expect the bearish bias to persist in tomorrow’s session given the waning investor appetite.
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