Oct 25 (Lagos) - shaped the stock market today?
The Nigerian bourse posted its largest daily loss this month, with the NSE
ASI down 173bps, amidst sizeable sell offs across Cement stocks. Global markets traded mixed as corporate earnings continue to dictate market moves.
The Industrial Goods sector was the worst-performing in today’s session as sell pressure across cement makers - ASHAKACEM
(-491bps) and DANGCEM
(-483bps) pulled the sector 215bps under water.
The Financial Services (-71bps) and Consumer Goods (-24bps) sectors also closed in negative territory following losses in DIAMONDBNK
(-480bps) and HONYFLOUR
However, the Oil & Gas sector (+53bps) closed in positive territory after MOBIL
(+240bps) pared previous session’s loss and SEPLAT
added 93bps. Market reacted positively to PRESCO’s 9M’16 earnings release (PAT up 98% y/y) as the stock rose 509bps.
Market breadth remained negative with 11 advances and 32 declines.
Analysts at Vetiva Capital Management Ltd in Victoria Island expect that earnings announcement will continue to shape investors’ actions in coming sessions. They also highlight the sell pressure in the cement sector and believe this might be as a result of bearish earnings expectations.
reporting for easykobo.com on Tuesday, Oct 25 2016 from Lagos, Nigeria
Source - analysts at vetiva capital management ltd in Victoria Island.