NSE ASI dips despite advances in Financials
What shaped the market today?
The NSE ASI opened the week in the negative, pressured by declines in Industrial Goods and Consumer Goods counters. Asian and European markets opened the week on a positive note despite a reversal in oil prices as investor looked ahead to central banks’ meetings (Bank of Japan, FOMC and Bank of England) due later this week. U.S futures also pointed to a higher open.
The Consumer Goods sector (-134bps) posted the biggest loss of the day no thanks to heavy declines in 7UP (-500bps), HONYFLOUR (-500bps) and NB (-300bps). Similarly, the Industrial Goods sector (-122bps) reversed into negative territory on the back of sustained profit taking in heavyweight DANGCEM (-122bps) and WAPCO (-170bps). However, the Financial Services sector (+99bps) maintained positive momentum off advances in FCMB (+488bps), ZENITHBANK (+445bps) and GUARANTY (+222bps).
GUARANTY topped both the volume and value charts trading 21 million units worth​
What will shape the next trading session?
Whilst we expect the upbeat sentiment for Financials to be sustained in tomorrow’s trading session following the release of better-than-expected FY’15 earnings from GUARANTY, we see further losses in the Industrials and Consumer Goods sector, noting that a number of their respective large caps remained on offer at market close.
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