NSE ASI muster gains ahead of MPC decision
What shaped the market today?
Ahead of MPC decision to hold rates, the Nigerian equity market rose sharply from previous marginal decline, up 133bps, largely buoyed by late-session surge in DANGCEM. Global markets traded mixed as investors took to the sidelines ahead of the BOJ and U.S Fed decisions due tomorrow.
The Industrial Goods (+196bps) sector spearheaded market turnaround on the back of a late spike in DANGCEM (+385bps). Similarly, the Oil & Gas (+128bps) rallied on the back of advances in CONOIL (+10.23%), TOTAL (+248bps) and investor reaction to OANDO (+491bps) announcement of a partial sale of its Gas & Power business. The Financial Services sector also closed 13bps higher amidst mixed closes in STANBIC (+355bps), ZENITHBANK (+48bps), FBNH (-97bps) and WEMABANK (-313bps), whilst the Consumer Goods sector closed slightly down -7bps as declines in UNILEVER (-111bps) upturned gains in CHAMPION (+116bps).
Market breadth remained positive with 19 advances and 14 declines.
What will shape the next trading session?
Even if we strip out the weighty impact of the late gains in DANGCEM, we note that the NSE ASI would have still closed on a positive even as the index traded higher throughout the session. On this note, we believe the market can hold on to gains in the next session.
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