Bulls maintain dominance at week close
What shaped the market today?
The NSE ASI climbed a tad higher at week close as bulls maintained their grip on a handful of large caps across some key sectors. Meanwhile, global bourses traded well in positive territory as investors shook off concerns of a possible rate hike in the next Fed’s meeting to focus on a rally in commodity prices.
The Oil & Gas sector (+145bps) led advances as sustained price appreciation in FO (+362bps) and OANDO (+152bps) overturned a decline in SEPLAT (-223bps). Similarly, the Industrial Goods (+69bps) and Consumer Goods (+21bps) sectors closed higher, bolstered by advances in respective names; WAPCO (+184bps), DANGCEM (+5bps), NB (+40bps) and UNILEVER (+194bps). The Financial Services sector (-33bps) however lagged behind as profit taking in GUARANTY (-367bps), STERLNBANK (-485bps) and ETI (-46bps) outweighed gains in ZENITHBANK (+179bps), UBA (+545bps) and STANBIC (+497bps).
ZENITHBANK topped the both the volume and value charts, trading 112 million units worth N1.7 billion.
What will shape the next trading session?
We expect the positive momentum recorded this week to ease significantly in the coming sessions as investors react to the recently published Q1’16 GDP figure which showed a contraction in economic activities (-0.36% y/y).
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