NSE ASI surges, boosted by Industrials
What shaped the market today?
The Nigerian bourse rallied towards the close of today’s session, making it a third-straight day of gain for the NSE ASI (+297bps). Global markets traded mixed amidst fickle oil prices and divergent reactions to better-than-expected China PMI data (rose to 50.4, beating Reuters forecast of 49.9).
The Industrials Goods Sector (+463bps) was the key contributor to the market rally as investors factored in the impact of the 47% cement price hike recently announced by DANGCEM (+859bps) on earnings. All other key sectors - Financial Services (+35bps), Consumer Goods (+40bps) and Oil & Gas (+48bps) – also closed higher thanks to advances in FCMB (+490bps), FBNH (+164bps), OANDO (+102bps), PZ (+275bps) and NB (+70bps).
- Market breadth turned positive with 28 advances and 13 declines.
What will shape the nexttrading session?
- Even without the rally in DANGCEM, today’s market performance proves that investors have completely shrugged off the disappointing flurry of economic data. We believe the NSE ASI could ride on this positive momentum in the session ahead.
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