NSE ASI enters bull market as Financials lead on
What shaped the market today?
The Nigerian Stock Exchange officially entered a bull market (effectively returning 20% since its last trough on Jan 19) after substantial gains across the Financial Services, Industrial Goods and Oil & Gas sectors lifted the NSE ASI up 99bps. Amidst renewed jitters over a possible rate hike in the next Fed meeting, U.S dollars strengthened, sending oil prices lower. Consequently, Asian and European bourses traded mostly in negative territory. Similarly, U.S. markets opened lower.
The Financial Services sector (+462bps) led advances once again, posting its best performance in four months as GUARANTY (+732bps), ZENITHBANK (+433bps) and ETI (+476bps) recorded a surge in demand. Likewise, the Industrial Goods (+118bps) and Oil & Gas (+107bps) sectors rebounded, buoyed by a rally in respective names; WAPCO (+340bps), OANDO (+497bps) and SEPLAT (+143bps). Conversely, the Consumer Goods sector (-82bps) lost momentum amidst profit taking in NB (-157bps), UNILEVER (-500bps) and GUINNESS (-394bps).
DIAMONDBNK topped the volume chart, trading 99 million units whilst ZENITHBANK topped the value chart for the third consecutive session trading 38 million units worth N604 million.
What will shape the next trading session?
We see the positive bias extending to tomorrow’s session even as a number of bellwether stocks remain largely on the bid cart at the close of the market today.
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