Report
Vetiva Capital Management

NSE ASI closes flat amidst late volatility

What shaped the market today?

  • The NSE ASI (-3bps) retraced from the session’s intraday high to close flat after a late market volatility with key sectors posting mixed performances. Despite higher oil prices, global markets traded lower ahead of the release of Federal Open Markets Committee minutes.
  • The Oil & Gas sector (+149bps) maintained positive momentum following advances in SEPLAT (+500bps) and TOTAL (+87bps). The Financial Services sector (+68bps) also held on to gains as investors further cheered in 9M’16 earnings of UBA (+311bps) coupled with further advances in ACCESS (+162bps). Consumer Goods however retreated despite a comeback in GUINNESS (+492bps) from a 4-day downtrend as NESTLE (-236bps), FLOURMILL (-314bps) and DANGSUGAR (-277bps) dropped points. The Industrial Goods sector (-68bps) also closed lower after WAPCO (-266bps) dipped further into negative territory.
  • Market breadth remained negative with 14 advances and 23 declines.

What will shape the next trading session?

  • With key sectors posting mixed performances, coupled with the persistent negative market breadth, we think the ASI could post another flattish close albeit with a slightly negative bias in the session ahead.


12/10/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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