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All sectors rally following FX clarity, ASI up 317bps
What shaped the market today?
- Nigerian stocks rallied across all sectors in today’s session as clarity from the CBN on the new foreign exchange framework lifted investor confidence towards market close. Global markets reversed previous losses as investor’s eyed the conclusion of the U.S Federal Reserve’s two-day meeting, shrugging off concerns about the possibility of a Brexit vote.
- The Financial Services (+396bps) and Consumer Goods (+237bps) sectors bounced back into positive territory, championed by gains in heavy weights GUARANTY (+778bps), ZENITHBANK (+548bps), ACCESS (+363bps), NB (+449bps), and GUINNESS (+500bps). Similarly, the Industrial Goods (+64bps) and Oil & Gas (+107bps) sectors remained in the green, led by advances in DANGCEM (+500bps), OANDO (+500bps), and MOBIL (+495bps).
- UBA topped the volume and value charts trading 197 million units worth
N866 million.
What will shape the next trading session?
- We expect the renewed market confidence amidst the clarity on currency market framework to stir the NSE ASI to another strong close in the session ahead.
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