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NSE ASI inches lower as seesaw pattern persists

What shaped the market today?

• The NSE ASI stretched its run of near-flat-line close, inching 4bps lower, following continued mixed performances across key sectors. On the global front, Asian markets traded mixed amidst a relatively stronger Yen, whilst European stock traded higher as oil prices rose following a surprise decrease in U.S. crude inventory. U.S. markets are set to open higher ahead of a barrage of Fed speakers.
• The Industrial Goods sector (-101bps) weighed most on the ASI following declines in WAPCO (-202bps) and DANGCEM (-27bps). Whilst the Consumer Goods sector extended its four-session gaining streak on the back of advances in NB (+136bps), GLAXOSMITH (+459bps) and CHAMPION (+280bps), the Oil & Gas (-38bps) sector remained in negative territory due to losses in OANDO (-771bps) and TOTAL (-275bps). The Financial services sector (-7bps) closed slightly lower following mixed closes across STANBIC (+316bps), ZENITHBANK (+115bps), WEMABANK (-435bps) and UBN (-244bps).
• Market breadth remained even with 23 advances and 23 declines.

What will shape the next trading session?

• The sustained even market breadth and persistent mixed performances across key sectors somewhat underscore that investor sentiment remains mixed. We believe this would continue to drive sideways trading in the sessions ahead.