Bulls storm the NSE, lift ASI to a record month start
What shaped the market today?
The Nigerian equity market opened the month on a bullish note, recording the best start to a month since April 2015, as most key sectors advanced significantly. Elsewhere, Asian markets climbed a tad higher as investors shrugged off disappointing data from China (Caixin Manufacturing Purchasing Managers Index for April fell to 49.4 compared to 49.7 for March). European markets however traded mostly lower, weighed by losses in mining and auto-stocks and some below-view earnings releases from major banks.
The Consumer Goods sector (+504bps) led the market rally as investors reacted positively to Q1 earnings from NESTLE (+10.25%), coupled with price appreciations in NB (+500bps). The Industrial Goods sector (+466bps) and Financial Services (+230bps) also added sizeable points to the NSE ASI following green closes in DANGCEM (+500bps) and WAPCO (+499bps), GUARANTY (+199bps) and ZENITHBANK (+213bps). The Oil & gas sector (-356bps) however lagged behind on continued sell down in FO (-975bps).
ACCESS topped the volume chart trading 47 million units whilst NESTLE topped the value chart trading 470 thousand units worth N319 million.
What will shape the next trading session?
We foresee another positive session for tomorrow noting the renewed interest for large caps across key sectors.
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