Report
FREE
Financials spur ASI to positive open
What shaped the market today?
- The Nigerian bourse eked out a mild gain at week open as the NSE ASI rose 18bps, largely on the back of continuous gains across banking names. Global markets traded mostly lower on jitters that U.K. Prime Minister – Theresa May could opt for a “hard Brexit†during a speech due Tuesday.
- Mirroring the past week’s performance, the Banking Sector (+131bps) singlehandedly lifted the NSE ASI – spurred by gains in DIAMONDBNK (+721bps), ETI (+432bps) and STERLNBANK (+390bps). The Consumer Goods (-36bps) and Oil & Gas (-57bps) tarried in the red following declines in GUINNESS (-415bps), 7UP (-395bps), TOTAL (-487bps) and FO (-57bps). The Industrial Goods sector closed relatively flat with CUTIX (-452bps) extending its losing streak to the third session.
- Market breadth turned positive with 19 advances and 17 declines.
- We expect the persistent mixed bias across key sectors to drive further sideways trading in the sessions ahead. We also highlight the possibility of some profit taking in the banking sector following the recent gains across board.
What will shape the next trading session?
Provider
Vetiva Capital Management
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.
Other Reports from Vetiva Capital Management
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.