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NSE ASI swings into the red, down 52bps
What shaped the market today?
- Thursday’s gain proved to be a dead cat bounce as the NSE ASI (-52bps) swung back to the negative territory amidst reversals in banking stocks. On the global scene, European and U.S. markets traded higher buoyed by stronger-than-expected U.S. nonfarm payroll data - 227,000 jobs added in January, beating a Reuters forecast of 175,000 jobs. Meanwhile, after returning from a week long holiday, Chinese stocks traded lower following the People’s Bank of China’s decision to raise its short term lending rate by 10bps against market expectations.
- The Consumer Goods (-114bps) traded in the red as losses in NESTLE (-286bps), CADBURY (-265bps) and DANGSUGAR (-259bps) overshadowed gains in GUINNESS (+467bps). The Banking sector (-80bps) erased previous session’s gains following reversals in GUARANTY (-246bps), ZENITHBANK (-26bps) and UBA (-40bps). Whilst there were no movers in the Industrial Goods sector, the Oil & Gas sector inched 3bps higher as gains in OANDO (+42bps) were capped by declines in FO (-11bps).
- Market breadth turned negative with 8 advances and 23 declines.
- Overall market sentiment remains quite bearish and inclines us to expect a weak open for the NSE ASI in the week ahead.
What will shape the next trading session?
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