NSE ASI surges at week close, up 148bps w/w
What shaped the market today?
§The NSE ASI (+84bps) rebounded from previous loss to post the biggest day-gain thus far this month, riding on advances in select key sectors. On the global scene, whilst Asian markets closed mostly higher following a slight depreciation in the Yen, European and U.S markets traded lower after a notch down in oil prices.
- §The Financial Services sector (+225bps) surged after investors cheered the H1’16 earnings (PAT up 26% y/y) of ACCESS (+487bps), coupled with advances in ZENITHBANK (+327bps) and GUARANTY (+223bps). The Consumer Goods sector (+162bps) also rallied thanks to gains in large cap UNILEVER (+498bps), GUINNESS (+334bps) and NB (+251bps). Whilst the Industrial Goods sector closed flat, the Oil & Gas sector (-149bps) extended losses after OANDO (-431bps), TOTAL (-201bps) and FO (-74bps) closed lower.
• Market breadth remained positive with 29 advances and 21 declines.
What will shape the nexttrading session?
Most of the stocks behind today’s gains remained on bid cart at the end of the trading session. Coupled with the widening positive market breadth, we think this somewhat suggests some improvement in market sentiment.
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