Vetiva Capital Management - Financials spur NSE ASI to positive close

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Vetiva Capital Management

Financials spur NSE ASI to positive close

What shaped the market today?

The Nigerian Bourse continued on a positive note in todayâ€™s session as the NSE ASI rode on gains in the banking sector to close 35bps higher. On the global front, Asian markets traded lower pressured by a stronger Yen. Also, European shares were down amidst persistent light trading volumes. Meanwhile, U.S. futures pointed to a flat open ahead of another set of economic data release.
The Financial Services sector (+223bps) closed well in positive territory supported by advances in GUARANTY (+577bps), UBN (+368bps) and ZENITHBANK (+136bps). The Consumer Goods inched 7bps higher after gains in DANGFLOUR (+458bps) and NASCON (+379bps) were softened by decline in CHAMPION (-480bps). Whilst the Industrial Goods sector traded flat, the Oil & Gas sector (-48bps) halted a three-session rally as losses in FO (-972bps) and OANDO (-87bps) outweighed advances in TOTAL (+414bps) and SEPLAT (+256bps).
Market breadth remained positive with 26 advances and 19 declines.

What will shape the next trading session?

We expect the market to notch modest gains at the last trading day of the year supported by positive sentiment around the banking names.

29/12/2016 3 EN

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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.

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Financials spur NSE ASI to positive close

Breakfast Report - 19 June 2024

Nestle Nigeria Plc Q1'24 Earnings Release - Topline surge unable to mitigate headwinds

Nigerian Breweries Q1'24 Earnings Release - Price increases drive performance

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