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NSE ASI caps choppy week in green
What shaped the market today?
- The NSE ASI wrapped up the week on a positive note, up 29bps, as all key sectors (save for Financial services) closed higher. Global markets traded lower amidst disappointing Eurozone Service PMI flash estimate (52.1 versus consensus estimate 52.8).
- The Consumer Goods (+52bps) and Oil & Gas (+38bps) sectors maintained positive momentum following gains across 7UP (+780bps), CADBURY (+500bps) and TOTAL (+406bps). Also, the Industrial Goods (+38bps) sector closed higher on back of gains in DANGCEM (+113bps). The Financial Services sector (-127bps) however remained in negative territory following declines in GUARANTY (-286bps), ZENITHBANK (-120bps) and DIAMONDBNK (-83bps).
- Market breadth turned positive with 21 advances and 14 declines.
What will shape the next trading session?
- Notwithstanding the weekly positive return for the ASI (+140bps), we note that sector performances were mixed across board amidst varied investor sentiment. We expect the mixed sentiment to persist in the week ahead.
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