Report
Vetiva Capital Management

NSE ASI closes the week flat

What shaped the market today?

  • The Nigerian bourse traded flat (NSE ASI up 2bps) on the final trading session of the week amidst mixed performances across key sectors. On the global front, Asian and European markets traded higher as stronger-than-expected inflation data from China raised expectations over global growth prospects. U.S futures also pointed to a higher open amidst U.S economic data releases (Producer prices came in above estimate whilst September retail sales rose in line with expectations).
  • The Financial Services sector (+110bps) rebounded from previous losses with GUARANTY (+280bps), FIDELITY (+465bps), FCMB (+183bps) and FBNH (+100bps) leading the recovery. The Consumer Goods sector (+10bps) also closed higher, albeit marginally, following mixed performances across GUINNESS (+367bps), 7UP (+350bps), CADBURY (-497bps) and NB (-34bps). The Industrial Goods (-232bps) and Oil & Gas (-89bps) sectors however remained in the negative following continued declines in WAPCO (-680bps) and as market continued to react to FO’s 9M’16 result, with the stock down -453bps.
  • Market breadth turned positive with 23 advances and 15 declines.

What will shape the next trading session?

  • As Q3 earnings season opens up further, we expect trading activity to pick up as investors position ahead of the numbers.


14/10/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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