NSE ASI maintains bullish stance at week open
What shaped the market today?
The Nigerian equity market maintained a positive momentum at week open as investors continued to cheer the recent developments in the Downstream Oil & Gas sector. Despite a number of weaker than expected Chinese economic data, most Asian bourses traded higher as investors eyed gains in oil prices (Brent crude was trading at $49 bbl., the highest since the turn of the year). European markets however traded mixed whilst U.S. markets opened higher amid gains in heavyweight APPLE.
The Industrial Goods sector (+227bps) recorded the biggest gain thanks to sustained recovery in heavyweight DANGCEM (+127bps) and WAPCO (+393bps). Other key sectors – Financial Services (+185bps), Consumer Goods (+167bps) and Oil & Gas (+129bps) – remained in positive territory as respective names, GUARANTY (+251bps), UBA (+937bps), ACCESS (+787bps), NB (+428bps), GUINNESS (+500bps), OANDO (+10.02%) and TOTAL (+294bps) appreciated further.
ACCESS topped the volume chart, trading 48 million units whilst GUARNATY topped the value chart for the second consecutive session, trading 21 million units worth N400 million.
What will shape the next trading session?
Whilst the sustained positive investor sentiment presents a case for further gains for the NSE ASI, we highlight that the worrisome inflation print could dampen market sentiment.
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