DANGCEM pulls NSE ASI to a flat close
What shaped the market today?
- §The Nigerian bourse closed the session relatively flat after extended gains across board were singlehandedly muted by a decline in market heavyweight DANGCEM. On the global front, European markets traded in the green buoyed by Euro Zone Purchasing Managers’ Index (Flash estimate) for August which came in at a seven month high (up 0.01 m/m to 53.3). Asian markets traded mixed amidst a drop in the dollar against the Yen. U.S markets opened higher ahead of the release of housing data.
- §The Oil & Gas sector (+403bps) soared following advances in SEPLAT (+10.25%), FO (+500bps) and TOTAL (+41bps). The Financial Services (+25bps) and Consumer Goods sector (+33bps) extended gains as FBNH (+128bps), GUARANTY (+97bps), HONYFLOUR (+370bps) and NB (+24bps) advanced. The Industrial Goods sector also closed higher (+52bps) on the of back gains in WAPCO (+357bps) amidst reduced effect of a 168bps loss in DAGNGCEM (due to a cap on stock weighting on sector index).
- §Market breadth remained positive with 30 advances and 18 declines.
What will shape the nexttrading session?
§Noting that today’s session was particularly weighed down by DANGCEM, we think market sentiment remains positive enough to stage a turnaround in subsequent sessions.
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