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NSE ASI turns slightly positive at mid-week
What shaped the market today?
- The NSE ASI (+8bps) turned slightly positive in today’s session, halting a 3-day loss as most key sectors closed in the green. Global markets traded mostly lower amidst a raft of disappointing earnings. Notably, Apple Inc. posted its first full year revenue decline since 2001.
- The Consumer Goods sector (+51bps) added the most points to the ASI following gains in UNILEVER (+460bps), NB (+34bps) and DANGSUGAR (+450bps). The Financial Services sector inched 14bps higher amidst advances in UBA (+167bps), DIAMONDBNK (+273bps) and UBN (+44bps). Whilst Industrials closed flat, the Oil & Gas sector (-65bps) trimmed yesterday’s gains following a slide in FO (-299bps).
- Market breadth turned positive with 20 advances and 17 declines.
What will shape the next trading session?
- We highlight that a couple of earnings of key stocks were released after session close, and believe the market will open to investor reaction to these results in the session ahead.
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