Report
Vetiva Capital Management

NSE ASI clinches positive w/w return

What shaped the market today?

  • The NSE ASI (+31bps) closed the last trading session of the quarter higher ahead of the Independence day holiday, buoyed by late-session gains in the Consumer Goods sector. Global markets traded mostly lower amidst waning enthusiasm about OPEC’s decision to cut oil output as investors grew skeptical on how the deal would be implemented. Also, the persistent negative sentiment in the banking sector continued to weigh on markets.
  • The Consumer Goods sector (+146bps) turned around from prior losses on the back of late gains in NB (+314bps), coupled with advances in HONYFLOUR (+451bps) and GUINNESS (+102bps). The Oil & Gas sector (+80bps) and Industrial Goods sector (+25bps) also closed higher following gains in FO (+241bps), TOTAL (+134bps) and DANGCEM (+55bps). The Financial Services sector (-131bps) however plunged further into negative territory owing to sustained declines in ZENITHBANK (-213bps) and GUARANTY (-140bps).
  • Market breadth turned negative with 17 advances and 26 declines.

What will shape the next trading session?

  • Noting that the ASI would have closed lower but for the surge in NB late in the session, we believe there could be a reversal after the holiday on Monday even as market breath turned widely negative.


30/09/2016 4 EN
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Vetiva Capital Management
Vetiva Capital Management

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