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Financials lifts ASI into the green
What shaped the market today?
- The Nigerian equity market notched 12bps higher in today’s session as investors continue to mull corporate earnings. On the global front, Asian markets closed mostly higher after China’s PMI data for October beat forecast, whilst European stocks traded mixed ahead of U.S Fed meeting later in the week.
- The Financial Services sector (+39bps) closed in the green and was at the center of today’s positive close after Tier 1 names - FBNH (+333bps), GUARANTY (+128bps) and ZENITHBANK (+75bps) pared previous session’s loss. The Consumer Goods sector closed flat after losses in INTERBREW (-462bps), HONYFLOUR (-420bps) and UACN (-179bps) offset advances in DANGFLOUR (+393bps), GUINNESS (+261bps) and PZ (+143bps). The Industrial Goods sector also closed flat whilst the Oil & Gas sector (-46bps) receded into the red after OANDO shed 486bps. OKOMUOIL (+918bps) rallied as investors continue to cheer its 9M’16 earnings result (PAT up 89% y/y).
- Market breadth turned positive with 18 advances and 16 declines.
What will shape the next trading session?
- Whilst we note today’s relatively lackluster market activity (indicated by the low volume traded and number of movers), we believe investor mood will continue to hinge on corporate earnings as the final set of earnings come in.
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