Industrials lifts NSE ASI at week close
What shaped the market today?
- §The NSE ASI swung back into positive territory thanks to a rebound in the Industrial Goods sector. On the global scene, Asian markets closed mostly down with Japanese stocks selling off after core consumer prices fell by 0.5% y/y against an estimate of a 0.4% drop, prompting concerns over the effectiveness of the Bank of Japan’s stimulus program. Whilst European markets traded flat, U.S stocks opened higher ahead of U.S Fed Chair speech.
- §Having weighed most on the ASI in the previous session, the Industrial Goods sector (+59bps) singlehandedly lifted the index today following gains in CAP (+499bps) and DANGCEM (+87bps). All other key sectors – Oil & Gas (-21bps), Financial services sector (-12bps), Consumer Goods sector (-2bps) however remained in the red no thanks to respective losses in OANDO (-196bps), NB (-43bps) and UBA (-22bps, after reporting 2% y/y growth in H1’16 PAT).
- §Market breadth turned positive with 20 advances and 15 declines.
What will shape the nexttrading session?
§Notwithstanding the positive close the session, we note that the gains came in amidst strong market volatility as revealed by the intraday chart. We believe this could drive a mixed market open next week.
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