NSE ASI down 59bps in another mixed trading session
What shaped the market today?
The NSE ASI dropped more points at the close of trade following another mixed performance across weighty sectors. On the global scene, Asian and European markets posted a mild rally as investors cheered a marginal rebound in oil prices whilst expecting U.S. job data due Friday. U.S. markets also opened higher.
The Oil & Gas (+163bps) and Financial Services (+31bps) sectors recovered from prior session’s declines following bargain hunting in FO (+499bps), CONOIL (+498bps), GUARANTY (+65bps) and UBN (+316bps). Conversely, the Consumer Goods sector (-203bps) retreated from prior gains following price depreciations in NB (-548bps), CADBURY (-497bps) and HONYFLOUR (-385bps). The Industrial Goods sector (-112bps) also closed lower after sector leaders DANGCEM (-59bps) and WAPCO (-205bps) shed some weight.
FBNH topped the volume chart for the second consecutive session, trading 27 million units whilst NB topped the value chart, trading 2 million units worth N231 million.
What will shape the next trading session?
We see the likelihood of further sell pressure in tomorrow’s trading session as we note that a number of large caps still sit on the offer cart as at the close of the market.
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