Late rally in bellwether stocks lifts ASI
What shaped the market today?
The Nigerian bourse edged up marginally 7bps, halting three consecutive sessions of red closes as all key sectors save for the Oil & Gas sector, closed higher. Global markets traded mixed as weaker-than-expected U.S ISM non-manufacturing PMI for August lowered chances of an interest rate hike by the U.S fed in September.
The Industrial Goods sector (+120bps) spearheaded the modest turnaround as WAPCO added 302bps. Financial Services (+24bps) and Consumer Goods (+10bps) followed suit on the back of advances in UBN (+276bps), UBA (+155bps), UNILEVER (+259bps) and GUINNESS (+196bps). However, losses in FO (-403bps), MOBIL (-42bps) and TOTAL (-41bps) pulled the Oil & Gas sector down 103bps.
Market breadth showed 20 advances and 20 declines.
What will shape the next trading session?
Baring the interest in select blue chips towards market close, we note that market could have otherwise remained in the red. As such, we believe the market volatility would persist in the sessions ahead.
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