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NSE ASI retreats at week close
What shaped the market today?
- Thursday’s gains proved a dead cat bounce as the NSE ASI reversed into negative territory at week close. Whilst Asian markets traded mostly lower, European and U.S. markets traded well in the green as investors cheered better-than-expected U.S. non-farm payroll for the month of July (U.S. economy added 255,000 jobs beating market expectation of 180,000).
- The Financial Services sector (-272bps) weighed the most on the NSE ASI as heavy weight GUARANTY (-322bps), ZENITHBANK (-196bps) and ACCESS (-214bps) declined further. The Industrial Goods (-121bps) and Consumer Goods (-54bps) sectors lost steam following losses across large-caps DANGCEM (-164bps), WAPCO (87bps), NB (-96bps) and DANGFLOUR (-681bps). However, the Oil & Gas sector (+102bps) maintained a positive momentum as OANDO (+614bps) and TOTAL (+872bps) climbed into positive territory.
- Market breadth turned negative 18 advances and 27 declines.
What will shape the next trading session?
- Investor sentiment remains lukewarm as indicated by the weaker market turnover. We think this could spell a mixed trading week ahead with bearish bias.
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