NSE ASI closes slightly lower in mixed session
What shaped the market today?
The NSE ASI maintained a negative close albeit milder than previous session as sustained declines in Industrial and Consumer Goods offset a rebound in Financials. Elsewhere, European markets traded sideways as a slew of mixed earnings releases capped gains in mining stocks. Asian markets however traded mostly higher as investors cheered the sustained rebound in oil prices. Similarly, U.S markets opened in the green.
Whilst the Financial Services sector (+78bps) climbed into the green following a rebound in sector leaders ZENITHBANK (+381bps), FBNH (+273bps) and GUARANTY (+150bps), Industrial Goods (-31bps) and Consumer Goods (-18bps) sectors remained pressured on the back of declines in respective names; DANGCEM (-56bps) and FLOURMILL (-532bps), DANGSUGAR (-189bps), TIGERBRANDS (-486bps).
EQUITYASUR topped the volume chart for the third consecutive session trading 59 million units whilst GUARANTY topped the value chart trading 34 million units worth N479 million.
What will shape the next trading session?
Whilst investor appetite remains weak, we see room for bargain hunting in a number of large caps given their depressed valuations and expect this to steer the market higher in tomorrow’s session.
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