Bulls charge, NSE records positive YTD return
What shaped the market today?
Amidst positive bias in policy, NSE ASI added further sizeable points at the close of the session as investors increased their stake across blue chips. The session’s gains guided the ASI to its first positive YTD return. Meanwhile, oil prices hit $50/bbl mark for the first time since November 2015 as U.S. crude inventories declined significantly, according to the latest report from the U.S. EIA. Notwithstanding, Asian and European markets traded largely mixed whilst U.S. markets opened in the red.
The Consumer Goods (+452bps) and Financial Services (+358bps) sectors led advances, following sustained gains in respective names; NB (+499bps), NESTLE (+500bps), GUINNESS (+10.25%), ZENITHBANK (+357bps), ETI (+443bps), and UBA (+657bps). Whilst the Oil & Gas sector (+211bps) rebounded on the back of gains in OANDO (+10.11%) and SEPLAT (+286bps), the Industrial Goods sectors (+34bps) slowed momentum, albeit with a green close, as a decline in DANGCEM (-108bps) tempered gains in WAPCO (+267bps).
UBA topped the volume chart, trading 101 million units whilst GUARANTY topped the value chart, for the second consecutive session trading 63 million units worth N1.3 billion.
What will shape the next trading session?
We anticipate further gains in tomorrow’s session given the sustained positive market sentiment.
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