Report
FREE
ASI notches slight gain as energy stocks rally
What shaped the market today?
- The Nigerian equity market closed relatively flat with the ASI edging 4bps amidst mixed closes across key sectors. Global markets closed higher following a rally in oil prices as OPEC struck an accord to cut production for the first time since 2008.
- The Oil & Gas sector (+307bps) was the only key sector to close higher in today’s session supported by gains in OANDO (+692bps), SEPLAT (+500bps) and CONOIL (+472bps). Whilst the Industrial Goods sector closed flat, the Consumer Goods sector (-4bps) snapped its five-session gaining streak as losses in GLAXOSMITH (-439bps), VITAFOAM (-401bps) and NB (-107bps) offset advances in UNILEVER (+325bps) and NESTLE (+120bps). The Financial Services (-66bps) also closed lower, no thanks to declines in GUARANTY (-225bps), FBNH (-94bps) and ZENITHBANK (-51bps).
- Market breadth turned positive with 29 advances and 19 declines.
What will shape the next trading session?
- Although the widely positive market breadth somewhat suggests improvement in overall market sentiment, we highlight that most bellwether stocks remain under pressure and think this could weigh on the ASI at week close.
Provider
Vetiva Capital Management
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Other Reports from Vetiva Capital Management
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.