Financials rebound, lifts NSE ASI 13bps
What shaped the market today?
Nigerian stocks continued to alternate between green and red closes, this time swinging to the positive territory after a rebound in the Financial Services sector. Amidst a recovery in oil prices driven by Kuwaiti oil workers’ strike, global markets climbed well into the green supported by some positive earnings releases.
Whilst the Consumer Goods sector (-91bps) remained under pressure with sustained losses in bellwether NB (-191bps), the Financial Services sector (+204bps) rebounded on the back of advances in Tier I names – ZENITHBANK (+195bps), GUARANTY (+228bps) and ETI (+500bps). The Industrial Goods sector (-4bps) was however little changed following marginal decline in DANGCEM (-2bps)
UBA topped the volume chart trading 62 million units whilst GUARANTY topped the value chart for the second consecutive session trading 29 million units worth N466 million.
What will shape the next trading session?
With another better-than-expected earnings from UBA, we think investors could fancy raising their appeal for other banking names which are yet to release, particularly the Tier-I banks. Across other key sectors however, we note that sentiment remains relatively weak. We think these could result to mixed trading patterns in the sessions ahead.
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