NSE ASI slows to a flat close
What shaped the market today?
The Nigerian bourse closed flat (+2bps) after a relatively volatile session with key sectors closing mixed. Global markets rallied following announcement of monetary policy overhaul by the Bank of Japan, and ahead of the U.S. Fed decision expected later today.
The Oil & Gas sector (+107bps) sustained prior gains after CONOIL rose over 10% for the seventh consecutive session and OANDO (+487bps) extended its rally. The Financial Services sector (+40bps) also held on to gains on the back of advances in WEMABANK (+484bps), ZENITHBANK (+274bps) and FBNH (+131bps). The Industrial Goods sector (-9bps) however closed lower after WAPCO shed 25bps, so also the Consumer Goods (-62bps) as GUINNESS plunged 700bps after it announced a LAT of ₦2 billion for FY’16 (FY’15: ₦7.7 billion profit).
Market breadth remained positive with 22 advances and 15 declines.
What will shape the next trading sessiNotwithstanding the intraday volatility, we believe overall market sentiment remains quite upbeat even as market breadth remains positive.
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