Report
Vetiva Capital Management

NSE ASI cut short rally amidst weak sentiment

What shaped the market today?

  • The NSE ASI cut short its two-day rally as bearish sentiment encroached key sectors. On the global front, Asian and European markets traded mixed as investors digested a raft of earnings releases and the outcome of the Fed meeting (whilst interest rates were left unchanged, policy makers highlighted that the near term risk to economic outlook has diminished). U.S. futures indicated a mixed open ahead of a number of earnings releases.
  • The Financial Services (-143bps) sector snap its three-day gaining streak as declines in ZENITHBANK (-292bps), ACCESS (-178bps) and ETI (-264bps) wiped out marginal gains in GUARANTY (+13bps). The Consumer Goods (-52bps) and Oil & Gas (-24bps) sectors continued on a downward trend, no thanks to losses in NB (-92bps), DANGFLOUR (-188bps) and OANDO (-313bps). The Industrial Goods sector closed flat.
  • Market breadth turned negative with 9 advances and 31 declines.

What will shape the next trading session?

  • Amidst the mixed earnings numbers and dwindling market indicators (weak market breadth and market turnover), we expect a mixed trading pattern with a bearish bias in tomorrow’s session.


28/07/2016 5 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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