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NSE ASI ekes out marginal gains at week open
What shaped the market today?
- The NSE ASI (+6bps) opened the week marginally up as gains across Consumer Goods names were tapered by declines across other key sectors. Global markets traded lower amidst cautious trading as investors shifted focus to U.S. Presidential debate and OPEC meeting due later this week.
- The Consumer Goods (+44bps) sector extended gains, solitarily lifting the ASI, following advances in FLOURMILL (+499bps), CADBURY (+495bps) and NB (+103bps). All other key sectors closed lower. Leading the declines was the Oil & Gas sector, down 109bps amidst losses in CONOIL (-824bps) and OANDO (-493bps). The Financial Services (-34bps) and Industrial Goods (-9bps) sector followed suit on the back of declines in UBA (-326bps), ZENITHBANK (-96bps) and BETAGLASS (-971bps).
- Market breadth turned negative with 16 advances and 23 declines.
- Notwithstanding the positive close for the ASI, we believe overall market sentiment is still somewhat bearish considering the pressure across key sectors and the negative market breadth. We think this could weigh on the market in the session ahead.
What will shape the next trading session?
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