Financials hold on gains, lifts NSE ASI 24bps
What shaped the market today?
Following two consecutive negative sessions, the Nigerian bourse bounced back into positive territory today as Financial Services and Consumer Goods sectors gathered more steam. Whilst European markets rebounded, helped by a rally in oil prices and a number of positive earnings releases, Asian markets traded mixed as investors continued to look ahead to the outcome of key central bank meetings due later this week. U.S. markets opened higher as investors eyed a number of positive earnings releases.
The Financial Services sector (+91bps) led the rebound following advances in ETI (+340bps), ZENITHBANK (+116) and FBNH (+242bps). Similarly, the Consumer Goods sector (+18bps) closed higher as gains in sector leader NB (+41bps) and DANGSUGAR (+275bps) outweighed losses in GUINNESS (-206bps). The Industrial Goods sector (-2bps) however remained relatively quiet, down just 2bps following a mild decline in DANGCEM (-2bps).
ACCESS topped the volume chart for the second consecutive session trading 54 million units whilst ZENITHBANK topped the value chart trading 24 million units worth N302 million.
What will shape the next trading session?
Whilst sentiment in other sectors remain relatively tepid, we expect the sustained investor appeal for some Financial and Consumer Goods names to steer the market higher in tomorrow’s session particularly those with better-than-expected Q1’16 results.
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.
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.