NSE ASI closes flat as mixed trading persists
What shaped the market today?
After hovering between negative and positive territories, the NSE ASI closed flat as gains in Financials were levelled by declines in Consumer Goods sector. Meanwhile, a significant rebound in oil prices (trading at 44bbl. as at 16:30 hrs) and better-than-expected Chinese exports data sent global markets well into the green. Notably, the Dow Jones traded at a new year-high.
The Financial Services sector (+85bps) extended gains as sector leaders GUARANTY (+436bps) and ZENITHBANK (+92bps) continued on an upward trend. The Consumer Goods sector (-45bps) however continued on a downward trend as losses in NESTLE (-444bps), FLOURMILL (-143bps) and TIGERBRANDS (-298bps) eroded a rebound in heavyweight NB (+190bps) whilst the Industrial Goods sector closed flat.
ZENITHBANK topped the volume chart trading 22 million units whilst GUARANTY topped the value chart for the second consecutive session trading 17 million units worth N259 million.
What will shape the next trading session?
We expect mixed trading pattern to persist in tomorrow’s trading session noting the renewed interest in the Financial Services sector amidst the sustained sell pressure on other key sectors.
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