NSE kicks off the week in red, ASI down 18bps
What shaped the market today?
The NSE ASI (-24bps) opened the week in negative territory following mixed performances across key sectors. Global markets traded higher following a rally in oil prices and as disappointing U.S non-farm payroll data for August lowered expectations of a potential interest rate hike by the U.S Fed in September.
The Industrial Goods sector (-25bps) extended its downward trend amidst continuous sell pressure in DANCEM (-57bps). Consumer Goods (-51bps) reversed previous session’s gains following losses in large caps PZ (-497bps) and NB (-71bps). Conversely, the Financial Services (+72bps) and the Oil & Gas (+20bps) sectors extended their positive run on the back of gains in ZENITHBANK (+101bps), UBA (+369bps), DIAMONDBNK (+446bps) and OANDO (+210bps).
Market breadth turned negative with 13 advances and 21 declines.
What will shape the next trading session?
Notwithstanding some few periods of gains, the NSE ASI traded under water for most part of the trading session. Coupled with the mixed closing positions across key sectors, we expect market to remain volatile in the sessions ahead.
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