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Bargain hunters fuel rally on Nigerian bourse
What shaped the market today?
- For the first time in six weeks, the Nigerian Bourse posted a positive wtd return (161bps w/w) as bargain hunting at week close, particularly across blue chips lifted the NSE ASI 188bps higher. Meanwhile, global markets traded lower as the OPEC-induced rally faltered, with investors treading water ahead of the release of U.S. jobs data and a key referendum in Italy.
- The Oil & Gas sector (+418bps) continued to pace gainers as MOBIL closed limit up for the fourth consecutive session, FO closed above 10% for the second session running and OANDO rose 982bps. The Industrial Goods sector (+208bps) and Financial Services (+178bps) sectors also closed well in the positive territory following gains across heavyweights - DANGCEM (+390bps), GUARANTY (+303bps) and ZENITHBANK (+167bps). The Consumer Goods sector (+18bps) however posted softer gains after advances in NESTLE (+123bps) were trimmed by declines in CHAMPION (-449bps), DANGSUGAR (-252bps) and FLOURMILL (-149bps).
- Market breadth remained positive with 28 advances and 13 declines.
What will shape the next trading session?
- Whilst the prospect for further bargain hunting persists, we highlight that gains might be capped as investors could begin to lock in quick profit.
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