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NSE ASI halts downtrend as banks rally
What shaped the market today?
- The NSE ASI (+18bps) recorded modest gains in today’s session, snapping a six-session losing streak after banking stocks staged a comeback. Global markets rallied, rebounding from an initial slump after investors reassessed the impact of a Trump Presidency.
- The Financial Services sector (+308bps) singlehandedly lifted the NSE ASI into positive territory on the back of rebounds in GUARANTY (+465bps), ZENITHBANK (+345bps) and ACCESS (+291bps). The Oil & Gas sector (-371bps) lagged other key sectors after a rout across downstream players - FO (-850bps), TOTAL (-819bps) and MOBIL (-263bps). Whilst Industrials closed flat, the Consumer Goods (-47bps) sector extended losses amidst sell-off in CADBURY (-965bps) and 7UP (-500bps).
- Market breadth remained negative with 17 advances and 20 declines.
What will shape the next trading session?
- Save for the rally across banking stocks in the early hours of trade, we highlight that market sentiment remained negative, evident by the subsequent downtrend in the ASI. On this note, we believe the index could be headed for a lower close tomorrow.
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