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Late-session gains lift NSE ASI 7bps up
What shaped the market today?
- The NSI ASI (+7bps) capped the week slightly in the green, lifted by last minute weighty gains in ZENITHBANK. Global markets traded higher after President Trump said he would announce a new phenomenal tax policy and as investors continue to track corporate earnings.
- The Banking sector (+149bps) was the best performer in today’s session, supported by advances in ACCESS (+499bps), ZENITHBANK (+293bps), DIAMONDBNK (+116bps) and GUARANTY (+84bps). The Oil & Gas (+61bps) and Industrial Goods (+15bps) sectors also traded higher following gains in OANDO (+104bps) and BETAGLASS (+498bps). However, the Consumer Goods sector (-137bps) extended its bear run to four sessions following declines in NB (-290bps) and DANGFLOUR (-26bps).
- Market breadth turned positive with 19 advances and 10 declines.
- Whilst the green closes across most key sectors coupled with the big turnaround in market breadth signal some improvement in overall market sentiment, we highlight that investor appeal for consumer goods stocks particularly remain weak. We believe this could further cap gains in the session ahead.
What will shape the next trading session?
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