NSE ASI sustains gains, up 27
What shaped the market today?
§The NSE ASI added more points at the close of trading to record consecutive sessions of gains for the first time this month as most key sectors closed in the green. Global markets traded lower following a surge in the Japanese Yen against the U.S dollar over concerns on the effectiveness of Japan’s stimulus package.
§The Financial Services sector (+90bps) halted its three-day losing streak to close in the green following gains in GUARANTY (+178bps), ZENITHBANK (+167bps) and UBA (+311bps). Consumer Goods (+37bps) and Oil & Gas (+22bps) also gained on the back of advances in NB (+111bps), CADBURY (+71bps) and TOTAL (+333bps). The Industrial Service sector however closed flat.
§Market breadth was even with 19 advances and 19 declines.
What will shape the next trading session?
- §We highlight that market sentiment was on a downtrend for a bulk of the later part of the trading session up until market close. In fact, the positive close for the NSE ASI was largely buoyed by a bullish market open that lasted for only a few moments. In light of this, we see possibility of a reversal in the session ahead.
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