Nigerian stocks pare gains but up 53bps w/w
What shaped the market today?
The Nigerian equity market halted a 3 day gaining streak at week close as Financial and Consumer Goods stocks reversed gains. Global stocks traded largely mixed at week close amidst relatively stable oil prices and mixed corporate earnings.
The Consumer Goods sector (-52bps) pared gains from the last two trading sessions as losses in NESTLE (-313bps) and GUINNESS (-184bps) outweighed sustained gains in NB (+65bps) and DANGSUGAR (+491bps). Similarly, Financials (-97bps) closed in negative territory following three consecutive gains amidst sell pressure in UBA (-371bps), ACCESS (-377bps), and GUARANTY (-81bps). However, the Industrial Goods sector closed relatively flat for the fifth consecutive trading session – recording a mild +4bps weekly change.
ZENITHBANK topped the volume chart trading 30.5 million units whilst NB topped the value chart trading 3.7 million units worth N388 million.
What will shape the next trading session?
Following three consecutive sessions of gains, we highlight that the market retreated in today’s session. However, with market breadth still positive amidst decent improvement in volume and value traded (albeit lower than March average), we expect the market to open relatively strong at the start of the coming week.
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