NSE ASI rebounds as Industrials remain upbeat
What shaped the market today?
The Nigerian bourse clinched the first green close of the week (NSE ASI up 64bps), buoyed by stronger investor appeal for Industrial Goods blue-chip. European and Asian markets retraced previous session’s gains as investors eyed U.S. job data due Friday. U.S. markets however opened in the green.
The Industrial Goods sector (+185bps) maintained a positive momentum following price appreciation in sector heavyweight DANGCEM (+229bps). The Consumer Goods sector (+25bps) also closed marginally higher at the close of the trading session as gains in INTBREW (+784bps) and 7UP (+131bps) outweighed losses in GUINNESS (-118bps) and UNILEVER (-85bps). The Financial Services sector (-38bps) however remained pressured as ZENITHBANK (-192bps), GUARANTY (-124bps) and UBA (-279bps) shed more weight.
FCMB topped the volume chart trading 44 million units whilst WAPCO topped the value chart trading value 7 million units worth N600 million.
What will shape the next trading session?
Taking a closer look at the intra-day trading pattern, we note that the market was relatively quiet for most part the trading session, and the advance in the ASI came towards the tail end of the market. We see this as a reflection of the softness in the broader market sentiment and think it could fuel a reversal in coming session.
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