NSE ASI extends gains, up 25bps
What shaped the market today?
- §The NSE ASI added 25bps as all key sectors closed in the green for the third consecutive session this week. Global markets traded mixed amidst anticipation of the U.S Fed Chair speech for clues of the direction of interest rate, and as oil prices fell.
- §The Oil & Gas sector (+168bps) remained at the heart of market gains as FO and OANDO rose +500bps and +20bps respectively. Industrial Goods (+15bps) and Consumer Goods (+11bps) also gained following advances in DANGCEM (+28bps), NB (+101bps) and DANGSUGAR (+44bps). Notwithstanding declines across banking names that were restricted by the CBN from trading in the FX market, the Financial Services (+16bps) sector remained in the green thanks to gains in WEMABANK (+937bps), ETI (+232bps) and GUARANTY (+139bps).
- §Market breadth was even with 19 advances and 19 declines.
What will shape the nexttrading session?
§With the exception of a few, the decline in banks that were implicated in the CBN FX ban was marginal, leading us to believe the market is prepared to look past this issue. We expect the NSE ASI to sustain mild gains in the session ahead.
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