NSE ASI pulls back, down 6bps
What shaped the market today?
§The NSE (-6bps) halted its three-day gain to close slightly lower as most key sectors save for Industrial Goods closed in the red. On the global scene, whilst Asian markets traded lower amidst Japan’s weak trade data (import fell 24.7% y/y against an estimate of a 20.6% decline and export dropped by 14% y/y as expected), European markets closed higher after minutes of the U.S Fed meeting revealed a likely restrain from raising rates in the near term. U.S markets opened a tad higher amidst a number of data releases (Jobless claims fell by 4,000 whilst Philadelphia Fed Business Index rose 4bps just in line with expectations).
- §The Financial Services sector (-7bps) snapped previous gains as declines in GUARANTY (-120bps) and FBNH (-96bps) outweighed advances in ZENITHBANK (+200bps) and STANBIC (+108bps). The Oil & Gas (-13bps) and the Consumer Goods (-20bps) sector also closed mildly in the red following losses in TOTAL (-80bps), GUINNESS (-375bps) and DANGSUGAR (-61bps). However, the Industrial Goods sector (+45bps) sustained gains on the back of advances in WAPCO (+127bps).
• Market breadth remained positive with 20 advances and 19 declines.
What will shape the nexttrading session?
Today’s intraday trading pattern shows mild volatility which underscores the uncertainty in market outcome.
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