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Key sectors rebound, lift NSE ASI 227bps
What shaped the market today?
- The Nigerian equity market climbed back into the green as strengthened buying momentum across all major sectors lifted the NSE ASI 227bps. Global stocks continued to trade in positive territory on easing Brexit concerns ahead of the U.K referendum vote scheduled for Thursday.
- The Financial Services (+352bps), Industrial Goods (+301bps) and Consumer Goods (+158bps) sectors recorded sizeable advances in heavyweights; ZENITHBANK (+457bps), GUARANTY (+313bps), DANGCEM (+278bps), NB (+76bps) and NESTLE (+266bps) lifted respective sectors. The Oil & Gas (+44bps) sector remained in the green courtesy of gains in OANDO (+243bps) and TOTAL (+130bps).
- GUARANTY topped the volume and value charts trading 105 million units worth
N2.3 billion.
What will shape the next trading session?
- Going by volume traded, the positive market breadth and broad based gains, we think market sentiment is strong enough to support another positive close in the session ahead. We however continue to note the potential for profit taking at some point this week.
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