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NSE ASI logs week-long win streak, up 344bps w/w
What shaped the market today?
- At week close, the NSE ASI (+56bps) remained in positive territory amidst mixed performances across key sectors. Global markets traded higher as investors continued to digest the U.S Fed rate hike announcement.
- The Industrial Goods sector (+163bps) was the session’s best performer as gains in CCNN (+495bps) and DANGCEM (+302bps) offset a 971bps loss in today’s top loser - PORTPAINT. The Financial Services sector (+18bps) also eked out gains thanks to a firm advance in heavyweight ETI (+798bps) as ZENITHBANK (-231bps), UBA (-88bps) and STANBIC (-47bps) swung into the red. Meanwhile, the Consumer Goods (-83bps) and Oil & Gas (-224bps) sectors dipped further in the red amidst declines in INTBREW (-496bps), CADBURY (-231bps) and as investors continued to take profit on MOBIL (-143bps).
- Market breadth turned negative with 17 advances and 26 declines.
What will shape the next trading session?
- We believe today’s mixed trading pattern will be sustained at week open as investors continue to cherry pick across sectors.
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