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NSE ASI down 15bps as bears hold sway
What shaped the market today?
- The NSE ASI closed lower for the seventh straight session, shedding 15bps with market sentiment further weighed on by lackluster Q3’16 GDP data which revealed a 2.24 y/y contraction. Global markets traded mixed amidst a surge in oil prices on renewed optimism that OPEC will reach an agreement to cut output when it meets next week.
- The Oil & Gas sector (-81bps) stretched its losing streak to six in a row after MOBIL (-256bps) and OANDO (-25bps) lost points. The Financial Services (-21bps) and Consumer Goods (-10bps) sectors also closed lower amidst declines in ETI (-200bps), STANBIC (-190bps) and DANGSUGAR (-494bps). The Industrial Goods sector however closed flat.
- Market breadth remained negative with 13 advances and 20 declines.
What will shape the next trading session?
- All eyes will be focused on the policy decisions of the MPC at the conclusion of its ongoing meeting tomorrow. Whilst trading could turn cautious on the back of this, we believe the slightly worse-than-expected GDP numbers could keep investor sentiment bearish.
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