Report
FREE
Nigerian stocks rally on, ASI adds 313bps
What shaped the market today?
- Gains persisted on the Nigerian equity market in today’s session as sustained interest in blue-chip stocks drove the NSE ASI 313bps higher. Ahead of the release of the Brexit referendum vote, global markets continued to trade cautiously, albeit with a bullish bias as fresh Brexit polls forecast a “remain†vote.
- The Consumer Goods (+333bps) sector led today’s advances, championed by gains in heavyweight NB (+396bps), NESTLE (+276bps), and UNILEVER (+498bps). The Industrial Goods (+292bps) and Financial Services (+225bps) sectors also sustained the upbeat following price appreciation in DANGCEM (+500bps), GUARANTY (+440bps) and ZENITHBANK (+219bps). Likewise, the Oil & Gas (+99bps) sector pared previous day’s losses, supported by advances in TOTAL (+833bps) and OANDO (+155bps).
- ZENITHBANK topped the volume and value charts trading 97 million units worth
N1.7 billion.
What will shape the next trading session?
- Given the sustained upbeat market sentiment (as indicated by high market turnover and positive market breadth), we expect another positive close on the final trading session on the week. That said, we highlight the room for profit taking across a few bellwether stocks as risk to our outlook.
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.