Report
Vetiva Capital Management

NSE ASI opens higher, up 32bps

What shaped the market today?

  • The NSE ASI (+32bps) nudged higher in today’s session, rebounding from previous session’s loss position following green closes across most key sectors. On the global front, Asian markets closed mostly lower after oil prices retreated during Asian trading hours on growing doubts that oil producers can reach a meaningful output cut deal. However, European markets eked out gains following a slight recovery in oil prices. U.S Futures pointed to a higher open.
  • The Financial Services sector (+130bps) and the Industrial Goods sector (+127bps) led the ASI positive turnaround following advances across ZENITHBANK (+225bps), GUARANTY (+192bps) and as WAPCO (+381bps) snapped a 2-day rout. The Consumer Goods sector (+14bps) also closed modestly higher following mixed performances across NB (+152bps), GUINNESS (-975bps) and GLAXOSMITH (-316bps). However, the Oil & Gas sector (-51bps) lagged in today’s session after declines in MOBIL (-351bps), and OANDO (-93bps).
  • Market breadth remained negative with 17 advances and 23 declines.

What will shape the next trading session?

  • With all key sectors save for Oil & Gas closing higher in today’s session, we believe this somewhat suggests an improvement in market sentiment. On this note, we expect the NSE ASI to add more points in the session ahead.


10/10/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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