Financials rebound, lift NSE ASI up 41bps
What shaped the market today?
The Nigerian bourse came off yesterday’s losses to record a green close as investors renewed confidence in the Financial Services sector. On the global scene, European and Asian markets traded mostly lower amidst renewed concerns that the U.S. Federal Reserve may hike rate in its next meeting. U.S. markets however opened higher on the back of gains in Financial and Transport stocks.
The Financial Services sector (+173bps) rebounded, buoyed by investors renewed confidence in ZENITHBANK (+402bps), GUARANTY (+268bps) and UBA (+251bps). Likewise, the Consumer Goods sector (+35bps) maintained a positive momentum, albeit marginal, as losses in UNILEVER (-241bbps) and 7UP (-276bps) tempered gains in NB (+198bps), DANGSUGAR (+333bps) and HONYFLOUR (+182bps). The Oil & Gas (-45bps) and Industrial Goods (-25bps) sectors however remained pressured as profit taking persisted in TOTAL (-59bps), FO (-16bps) and WAPCO (-68bps).
WEMABANK topped the volume chart, trading 381 million units whilst ZENITHBANK topped the value chart, for the second consecutive session trading 45 million units worth N671 million.
What will shape the next trading session?
We expect mixed trading pattern to filter into tomorrow’s session, albeit with bullish bias, as we note the renewed interest in Financial stocks.
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