NSE ASI rebounds at week close
What shaped the
market
today?
§ The NSE ASI added 36bps at the close of the week
following a mixed trading session where gains in the
Industrial Goods and Oil & Gas sectors outweighed losses in others. On the global front, U.S. and Asian
markets maintained an upward trend driven by better than expected U.S. bank
earnings, retail sales report and Chinese Q2’16 GDP (which came in at 6.7% vs
estimate of 6.6%). European Markets dipped as recent terrorists attack in France triggered sell
offs.
§ The Oil & Gas sector (+265bps) and the Industrial Goods sector
(+326bps) closed the session higher following
gains in respective names, FO (+10%) and WAPCO
(+819bps). The Financial Services Sector
(-58bps) and Consumer Goods (-15bps) however
posted losses amidst price depreciations in GUARANTY (-102ps), UBA (-164bps), PZ (-190bps)
and UNILEVER (-117bps).
§ SKYEBANK topped the volume chart, trading 61 million
units whilst GUARANTY topped the value chart trading, 18 million units
worth N405 million.
What will shape the next trading
session?
§ Although the NSE ASI closed higher, we note that the gains came in amidst a relatively
bearish market sentiment even as market indicators remain weak. In light of
this, we do not rule out possibility of a reversal in the session ahead.
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