ASI extends gains as stocks end higher
What shaped the market today?
The Nigerian bourse capped the week in green, adding 48bps at the close of the session as key sectors traded mixed following August inflation data release (17.6% vs 17.1% in July) which showed slowing m/m price increases. On the global scene, European markets closed in the red whilst Asian markets traded higher in a relatively quiet session (most markets were shut for public holidays) ahead of the U.S Fed and BOJ meeting next week. U.S stocks dropped after consumer prices for August increased more than expected (a factor that could allow the U.S fed raise rates).
The Financial Services sector (+57bps) snapped its two-session losing streak thanks to advances in GUARANTY (+208bps) and UNITYBNK (+448 bps). The Consumer Goods sector (+155bps) also rose amidst gains in PZ (+456bps), NB (+238bps) and UNILEVER (+188bps). The Oil & Gas sector (-22bps) however pared some of its previous gains as declines in weightier FO (-242bps) tapered gains in CONOIL (+10.21%) and OANDO (+79bps). The Industrial Goods sector closed flat.
Market breadth remained positive with 29 advances and 16 declines.
What will shape the next trading session?
We expect cautious trading in the coming session as markets eye MPC meeting of 19 and 20 September.
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