NSE ASI snaps losing streak, jumps 102bps into the green
What shaped the market today?
The Nigerian bourse snapped a two-day losing streak after news that the Central Bank has started consultation on a new currency framework. On the global scene, Asian markets traded mixed following a Japanese government decision to delay sales-tax hike for more than two years. European and U.S. markets however traded lower as OPEC failed to reach an agreement on production ceiling and amidst ECB’s decision to leave interest rates unchanged.
The Industrial Goods sector (+270bps) led the rebound amongst key sectors as heavyweight DANGCEM (+180bps) and WAPCO (+500bps) closed higher. Likewise, the Consumer Goods (+146bps) and Financial Services (+52bps) sectors climbed back into the green, buoyed by advances in NB (+500bps), DANGSUGAR (+486bps), CADBURY (+10.02%), ZENITHBANK (+228bps) and FBNH (+263bps). The Oil & Gas sector (-198bps) however underperformed other sectors as FO (-245bps) and SEPLAT (-274bps) remained pressured.
UBA topped the volume and value charts, trading 93 million units worth N386 million.
What will shape the next trading session?
Notwithstanding today’s rebound, we expect mixed trading in the session ahead as investors weigh possible outcome of the currency framework.
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