NSE ASI inches down marginally as Industrials lag
What shaped the market today?
The NSE ASI was little changed at the close of trade, down only 6bps following mixed performances across key sectors. On the global front, Asian markets traded mixed as the yen strengthened and oil prices wavered whilst European markets traded lower, pressured by weak banking numbers. U.S. markets also opened lower as the much anticipated Disney’s earnings miss market expectation.
The Industrial Goods sector (-68bps) shed more weight on the back of a decline in heavyweight DANGCEM (-209bps). However, the Financial Services (+58bps) and Consumer Goods (+11bps) maintained an upward trend following advances in GUARANTY (+189bps), DIAMONDBNK (+497bps), NESTLE (+283bps) and NB (+42bps) whilst the Oil & Gas sector closed flat.
FCMB topped the volume chart trading 25 million units whilst NB topped the value chart trading 4 million units worth N486 million.
What will shape the next trading session?
Taking a deeper look at today’s session, we note that investor trading bias was quite varied across the different key sectors. In light of this, we expect mixed trading in the session ahead.
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