Report
Vetiva Capital Management

NSE ASI opens higher as Financials rally

What shaped the market today?

  • Sustaining the improving sentiment observed towards the end of the past week, the NSE ASI forged higher in today’s session buoyed by a rally in the banking sector. On the global front, European markets traded mostly lower with banking stocks leading the laggards as traders anticipate another announcement of a possible reduction in the ECB's quantitative easing program as early as April. However, Asian bourses traded higher whilst U.S. futures predicted a mixed open as investors focused on earnings.
  • The Banking sector (+404bps) yet again outperformed other key sectors following gains in UBA (+491bps), ZENITHBANK (+487bps) and GUARANTY (+450bps). The Industrial Goods sector (+59bps) also closed higher, clinching its first gain of the year after advances in heavyweight DANGCEM (+120bps) outweighed declines in ASHAKACEM (-499bps). Meanwhile, the Consumer Goods (-18bps) and Oil & Gas sectors (-27bps) extended losses amidst pressure across CADBURY (-495bps), CHAMPION (-405bps), OANDO (-299bps) and FO (-26bps).
  • Market breadth turned positive with 22 advances and 18 declines.

What will shape the next trading session?

  • Riding on the strong appetite for banking stocks, we expect further gains for the NSE ASI in the coming session.


09/01/2017 3 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

​Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.

See profile
Other Reports from Vetiva Capital Management
Read more reports

ResearchPool Subscriptions

Get the most out of your insights

Get in touch