Vetiva Capital Management - NSE ASI clings to slim gain, halts losing streak

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Vetiva Capital Management

NSE ASI clings to slim gain, halts losing streak

What shaped the market today?

The Nigerian bourse (NSE ASI +18bps) clung to a slim gain in todayâ€™s session, halting a three-day downtrend largely on the back of a rally in the Oil & Gas sector. On the global front, Asian and European markets traded lower amidst heightened concerns over the state of the Italian banking system. Meanwhile, U.S. stock index futures pointed to a flat open ahead of the release of a number of economic data.
The Oil & Gas sector (+246bps) snapped a five session losing streak to lead the pack in todayâ€™s session, buoyed by firm gains in FO (+10.24%), CONOIL (+10.20%) and OANDO (+429bps). Also, the Industrial Goods sector (+22bps) traded higher buoyed by advances in BETAGLASS (+10.21%) and CCNN (+475bps). The Consumer Goods sector closed relatively flat amidst mixed performances across GUINNESSS (+141bps), HONYFLOUR (-465bps) and INTBREW (-367bps), whilst the Financial services sector (-12bps) slid further albeit marginally as declines in UBA (-109bps) and GUARANTY (-56bps) were watered down by gains in FBNH (+294bps), FCMB (+278bps) and ACCESS (+142bps).
Market breadth turned positive with 18 advances and 15 declines.

What will shape the next trading session?

At week close, we expect the market to trade mixed with a slight bullish bias as we observe renewed interest in the banking and energy sector.

22/12/2016 4 EN

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NSE ASI clings to slim gain, halts losing streak

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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