Financials drive NSE ASI recovery
What shaped the market today?
• The Nigerian bourse recovered from a three-day downtrend, up 44bps from the last close on ample gains in the banking sector. On the global scene, whilst Asian stocks closed higher, European markets traded slightly lower ahead of the ECB meeting later today and as investors digested a raft of disappointing earnings. U.S. futures pointed to a higher open.
What will shape the next trading session?
• We highlight that market sentiment turned around, particularly within the Banking sector following earnings release from GUARANTY - a pointer of what to expect from other banks. We think this underscores our erstwhile view that investors currently maintain a wait-and-see approach to Q3 earnings and believe this approach will persist in the sessions ahead.
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