NSE ASI logs maiden gain of the year
What shaped the market today?
• After tarrying in the red for the first three sessions, the Nigerian equity market finally clinched its first positive close of the year, largely on the back of gains across banking stocks. On the global front, European stocks traded lower as unimpressive Eurozone retail sales data dampened investor appetite. Meanwhile, the Japanese Nikkei closed in red with automakers leading losses amidst a relatively stronger yen and Trump’s threat to slam Toyota with hefty taxes if it builds a plant outside the U.S. Futures on U.S. markets pointed to a flat open as traders await the release of non-farm payroll data.
What will shape the next trading session?
• As expected, the ASI rode on the improving appeal for banking stocks to close positive. With the appeal still quite decent, coupled with waning bearish sentiment across other sectors, we expect the index to open higher in the week ahead.
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