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NSE ASI up 25bps as energy sector hits the brakes
What shaped the market today?
- The Nigerian equity market closed 25bps higher as key sectors traded mixed. Global markets were higher ahead of the ECB meeting later today as investors priced in a possible extension of the ECB’s quantitative easing program.
- The Oil & Gas sector (-62bps) snapped its six-session winning streak as further profit taking shaved 500bps apiece off MOBIL and TOTAL, outweighing another limit up close in FO and gains in OANDO (+315bps). The Consumer Goods sector (-51bps) also closed lower on the back of losses across sector heavyweights – UNILEVER (-417bps), GUINNESS (-107bps) and NB (-32bps). However, the Industrial Goods sector (+65bps) traded higher on late advance in DANGCEM (+116bps) and as PORTPAINT (+459bps) extended its uptrend. Also, the Financial Services sector settled 36bps up after mixed closes across FBNH (+322bps), ZENITHBANK (+175bps), STANBIC (-345bps) and ETI (-234bps).
- Market breadth remained negative with 20 advances and 23 declines.
- Whilst valuations remain attractive on a number of stocks, we think sustained profit taking could keep the market mixed at week close.
What will shape the next trading session?
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