NSE ASI snaps losing streak, up 13bps
What shaped the market today?
The Nigerian bourse bucked a three-session downtrend to close 13ps higher courtesy of gains in the banking sector. On the global scene, Asian markets traded lower, partly weighed by market concern on the impact of a relatively stronger Yen on exports. European markets also traded lower amidst a number of downbeat earnings release and the Bank of England’s decision to keep its monetary policy unchanged. Meanwhile, U.S. futures pointed to a lower open, with investors expecting another batch of corporate earnings.
The Banking sector (+86bps) closed in the green for the first time this week, riding on gains in UBA (+287bps), STERLING (+141bps), ZENITHBANK (+136bps) and GUARANTY (+64bps). The Consumer Goods inched 2bps up amidst mixed performances in GUINNESS (+423bps), UNILEVER (+80bps), VITAFOAM (-293bps) and NASCON (-125bps). Whilst the Industrial Goods sector was flat, the Oil & Gas sector shed 156bps after declines in FO (-974bps) and TOTAL (-360bps) outweighed gains in OANDO (+482bps).
Market breadth turned positive with 20 advances and 17 declines.
What will shape the next trading session?
Given that today’s mild gain was almost singlehandedly delivered by Banking stocks, we do not rule out the possibility of a reversal at week close.
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