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ASI delivers strongest weekly return since April 2015

What shaped the market today?

• Bulls remained firmly in control on the Nigerian Stock Exchange as sustained buying momentum across all major sectors steered the NSE ASI to its strongest weekly return (+740bps) in over a year. Asian and European markets ended a relatively volatile week in positive territory as a mild uptick in oil prices at week close and easing concerns about the Brexit vote lifted investor sentiment. U.S markets however opened lower.

• The Industrial Goods (+338bps) sector led today’s advances courtesy of gains in DANGCEM (+500bps) and WAPCO (+134bps). Similarly, the Financial Services (+174bps) and Consumer Goods (+260bps) sectors remained steadfast in positive territory thanks to advances in GUARANTY (+460bps), ETI (+113bps), UBA (+113bps), NB (501bps), and GUINNESS (+146bps). The Oil & Gas (-103bps) sector however halted a 3-day gaining streak as profit taking surfaced in OANDO (-437bps) and TOTAL (-335bps).

• UBA topped the volume chart trading 187 million units, whilst GUARANTY topped the value chart trading 61 million units worth N1.3 billion.

What will shape the next trading session?

• Although the strong weekly return present a case for possible profit taking, we believe the market sentiment will remain strong enough to drive the NSE ASI to a positive week open.