Oct 18 (Lagos) - The NSE
ASI extended losses, down 29bps as all key sectors (save for Industrials) plunged further. On the global scene, European and Asian stocks traded higher with Mining stocks leading gains amidst an uptick in global commodity prices (due to a weaker dollar during early trading hours). U.S markets also opened higher as investors focused on a series of better-than-expected quarterly earnings, as well as mixed CPI data.
The Oil & Gas sector (-100bps) remained at the forefront of market declines following continued losses in SEPLAT
(-500bps) and OANDO
(-78bps). The Financial Services sector (-94bps) also remained under water after losses in ACCESS
(-64bps) and ETI
(-259bps) outweighed recoveries in FBNH
(+203bps) and ZENITHBANK
The Consumer Goods (-11bps) was also down albeit mildly, amidst mixed performances across GUINNESS
(+222bps) and NB
(+66bps) whilst the Industrial Goods sector (+33bps) rebounded as WAPCO
(+78bps) halted its 5-session losing streak.
Market breadth remained negative with 14 advances and 31 declines.
Market sentiment remains weak given that most stocks remain pressured as indicated by the persistent negative market breadth. In light of this, analysts at Vetiva Capital Management Ltd in Victoria Island maintain a bearish stance on the next trading session.
reporting for easykobo.com on Tuesday, Oct 18 2016 from Lagos, Nigeria
Source - analysts at Vetiva Capital Management Ltd in Victoria Island
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