YTD return hits negative territory as NSE ASI extends losses
​What shaped the market today?
 The Nigerian bourse posted larger losses at the close of the trading session today as large cap Industrial Goods and Financials Services stocks came under increased pressure. On the global scene, whilst European markets traded lower amidst earnings anticipation, geopolitical risk in Turkey and concerns over further fall in oil prices, Asian Markets traded mixed after investors reacted to Softbank’s acquisition of U.K technology giant ARM. U.S markets opened high as bank earnings continue to beat analysts’ estimates.
 The Industrial Goods (-203bps) and Financial Services Sectors (-288bps) weighed most on the ASI following extended losses in WAPCO (-500bps), ZENITHBANK (-165bps), GUARANTY (-394bps) and UBA (-217bps). The Oil & Gas sector (-123bps) also closed lower, halting a three-session rally, after losses in OANDO (-970bps). The Consumer Goods sector (+42bps) however closed higher on the back of gains in NB (+147bps) and Cadbury (+63bps),
 SKYEBANK topped the volume chart, trading 58 million units whilst NB topped the value chart trading, 4.9 million units worth N656 million.
What will shape the next trading session?
 Given the persistently weak market indicators, we maintain a bearish bias in the session ahead.
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