NSE ASI nudges up in mixed trading session
What shaped the market today?
The NSE ASI continued to oscillate between green and red closes, climbing into the green for today amidst mixed performances across key sectors. In the wake of the recent Central Bank decisions to keep rates unchanged, Asian and European markets headed south, weighed further by a number of mixed earnings releases. U.S. market also opened lower.
The Consumer Goods sector (+156bps) rebounded, leading advances as sector leader NB (+406bps) and FLOURMILL (+500bps) closed higher. The Financial Services sector (+68bps) posted its fourth consecutive positive close as investors maintained their appeal for GUARANTY (+253bps), FBNH (+84bps) and ACCESS (+278bps). The Industrial Goods sector (-92bps) however bucked trend, dipping well into the red following eight sessions of relatively mute performances as an advance in DANGCEM (+150bps) was largely offset by a decline in WAPCO (-496bps).
FBNH topped both the volume and value charts trading 171 million units worth N634 million.
What will shape the next trading session?
We see likelihood for further sideways trading in the session ahead as investors react to the latest earnings releases in today’s session.
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