NSE ASI extends winning streak, up 30bps
What shaped the market today?
The Nigerian bourse rose 30bps to close in the green for the fourth consecutive session following gains in most key sectors. On the global scene, Asian markets traded mostly lower amidst increasing uncertainty surrounding the BOJ monetary policy meeting due next week whilst European markets closed higher as U.K August retail sales came in above market expectations. U.S Futures indicated a higher open despite a slew of sub-estimate economic data releases - initial jobless claims, August PMI and retail sales all missed expectations.
Similar to the previous session, Industrials Goods (+55bps) and Consumer Goods (+43bps) closed higher following advances in DANGCEM (+85bps), UNILEVER (+679bps) and HONYFLOUR (+385bps). The Oil & Gas sector rose 120bps (flat in previous session) amidst continued rally in CONOIL (10.23%) and advances in TOTAL (+370bps) and SEPLAT (+156bps). However, the rout in the financial Services sector (-84bps) persisted on the back of losses in FCMB (-196bps), GUARANTY (-185bps) and FBNH (-99bps).
Market breadth turned positive with 28 advances and 16 declines.
What will shape the next trading session?
We believe the sustained investor interest in bellwether stocks could drive market higher at week close.
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