NSE ASI climbs above 30,000 index points
What shaped the market today?
The Nigerian bourse remained firmly in the green as investors bided up heavyweight stocks across key sectors, sending the NSE ASI above the 30,000 index points for the first time since October 2015. With U.K.’s referendum on European Union membership slated for tomorrow, global bourses traded cautiously as investors looked forward to the outcome of the referendum even as polls show strong likelihood for the UK to remain.
The Financial Services (+292bps) remained in the green as sector leaders GUARANTY (+522bps) and ZENITHBANK (+337bps) appreciated further. Similarly, the Consumer Goods (+122bps) and Industrial Goods (+78bps) sectors continued on an upward trend courtesy of advances in NB (+92bps), NESTLE (+196bps) and DANGCEM (+500bps). The Oil & Gas sector (-34bps) however lost steam as a decline in OANDO (-243bps) overwhelmed modest gain in TOTAL (+39bps).
GUARANTY topped the volume chart for the second consecutive session, trading 96 million units whilst NB topped the value chart, trading 16 million units worth N2.3 billion.
What will shape the next trading session?
Given the upbeat market sentiment (as indicated by high market turnover and positive market breadth), we anticipate the further gains in tomorrow’s session. That said, we highlight the room for profit taking across a few bellwether stocks as risk to our outlook.
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