NSE ASI opens higher after holiday
What shaped the market today?
Following the two-session break (closed for national holiday), the NSE ASI rose 23bps, lifted by gains across Industrials and Consumers Goods names. Global markets traded mixed, with speculations over when the U.S Fed could raise interest rates keeping investors on the edge.
The Industrial Goods Sector was up +48bps largely on the back of a positive close in DANGCEM (+87bps). Likewise, the Consumer Goods sector (+31bps) climbed higher following gains in UNILEVER (+499bps), CHAMPION (+241bps) and DANGFLOUR (+237bps). The Financial Services (-65bps) however shed some weight no thanks to losses in DIAMONDBNK (-583bps), STERLINGBANK (-495bps) and FCMB (-448bps). Oil & Gas closed flat after a rally in CONOIL (+10.17%) and an advance in OANDO (+200bps) were watered by decline in SEPLAT (-154bps)
Market breadth turned negative with 18 advances and 20 declines.
What will shape the next trading session?
Noting that the NSE ASI rode on gains in a few bellwether stocks to close higher in today’s session, we do not overrule the possibility of a reversal in the coming session as we think the relatively lower volume traded and the negative market breadth suggest that sentiment remain weak.
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