Bellwether stocks steer market reversal, ASI up 46bps
What shaped the market today?
Ahead of a number of key economic data releases due Wednesday, the Nigerian Equity market reversed previous losses following mixed closes across key sectors. On the global scene, European and Asian shares traded higher bouncing off yesterday’s slump. However, the Japanese Nikkei 225 closed slightly down as better-than-expected economic data (household spending, retail sales and unemployment all came in better than forecast) failed to boost market sentiment. U.S futures predict a mixed open.
The Consumer Goods (+70bps) and Industrial Goods (+59bps) sectors steered market turnaround following respective gains in large cap NB (+125bps) and DANGCEM (+115bps). Financials (-52bps) however closed lower after losses in ZENITHBANK (-229bps) and UBA (-247bps) pared gains in FBNH (+101bps) and ETI (+132bps). The Oil & Gas sector (-19bps) sector closed lower after declines in OANDO (-181bps) and FO (-113bps).
- Market breadth turned positive with 21 advances and 19 declines.
What will shape the nexttrading session?
- Although, market sentiment picked compared to the previous session, we expect the economic data releases (Q2 GDP, July inflation and Q2 Unemployment) due tomorrow to dictate market sentiment.
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