NSE ASI snaps losses, up 55bps
What shaped the market today?
§The Nigerian bourse closed higher for the first time this week amidst a number of rebounds across bellwether stocks. On the global front, whilst Asian and European markets traded mostly lower amidst a drop in oil prices and lower-than-targeted bond purchase by the Bank of England, U.S futures predicted a slightly higher opening ahead of a flurry of earnings release.
§The Financial Services (+79bps) and Consumer Goods (+70bps) sectors led market turnaround following gains in large cap GUARANTY (+121bps), ETI (+165bps), NB (+203bps) and NESTLE (+61bps). The Oil & Gas sector (+24bps) also rebounded thanks to a positive close in TOTAL (+169bps). The Industrial Goods sector however closed flat after gains in DANGCEM (+58bps) were erased by a sell down in CAP (-973bps).
§ Market breadth remained negative with 22 advances and 23 declines.
What will shape the next trading session?
§Following six negative market closes out of the last seven sessions, today’s gains somewhat suggest that the market might have bottomed out. We think the NSE ASI could build on the positive momentum in coming sessions.
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