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NSE ASI ekes out late gains, up 19bps
What shaped the market today?
- Having traded mostly lower intra-day, the Nigerian bourse posted another positive close in today’s session buoyed by late gains in the banking sector. Major bourses around the world traded firmly in the green following sustained confidence that President Trump’s policies will spur economic growth.
- The Banking Sector (+118bps) rebounded after three consecutive sessions of losses thanks to gains in GUARANTY (+255bps) and ZENITHBANK (+98bps). The Oil & Gas sector (+58bps) also closed higher after gains in FO (+10.25%) and OANDO (+488bps) outweighed declines in MRS (-974bps), CONOIL (-490bps), MOBIL (-494bps) and TOTAL (-70bps). Whilst the Industrial Goods remained relatively unchanged, the Consumer Goods sector (-47bps) traded in negative territory amidst investors’ reaction to GUINNESS’ disappointing H1’17 result (-500bps), coupled with losses in NESTLE (-133bps) and HONYFLOUR (-87bps).
- Market breadth remained positive with 24 advances and 19 declines.
What will shape the next trading session?
- Similar to the previous session, the positive close of the NSE ASI does not properly reflect the bearish sentiment that dominated today’s trading hours. As such, we think the performance of the ASI could soften at week close.
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