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  What shaped the market today? - NSE ASI closes flat amidst late volatility


Oct 12 (Lagos) - The NSE ASI (-3bps) retraced from the session’s intraday high to close flat after a late market volatility with key sectors posting mixed performances. Despite higher oil prices, global markets traded lower ahead of the release of Federal Open Markets Committee minutes.

The Oil & Gas sector (+1.49%) maintained positive momentum following advances in SEPLAT (+5%) and TOTAL (+0.87%). The Financial Services sector (+0.68%) also held on to gains as investors further cheered in 9M’16 earnings of UBA (+3.11%) coupled with further advances in ACCESS (+1.62%). 

Consumer Goods however retreated despite a comeback in GUINNESS (+492bps) from a 4-day downtrend as NESTLE (-2.36%), FLOURMILL (-3.14%) and DANGSUGAR (-2.77%) dropped points. The Industrial Goods sector (-0.68%) also closed lower after WAPCO (-2.66%) dipped further into negative territory.

Market breadth remained negative with 14 advances and 23 declines.

With key sectors posting mixed performances, coupled with the persistent negative market breadth, analysts at Vetiva Capital Management Ltd in Victoria Island think the ASI could post another flattish close albeit with a slightly negative bias in the session ahead.

reporting for on Wednesday, Oct 12 2016 from Lagos, Nigeria

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