NSE ASI maintains upward trend at week close
What shaped the market today?
The Nigerian bourse continued to recover from the slump at week open as sizeable advances across key sectors lifted the NSE ASI 166bps higher. On the global scene, Asian markets traded mostly in the green as investors shrugged off weaker Chinese PMI data and slower wage growth in Japan for the month of May. European and U.S. markets however traded largely in the red on the back of below-view U.S. non-farm payrolls for the month of May.
The Financial Services (+554bps), Consumer Goods (+123bps) and Industrial Goods sector (+116bps) sectors all closed higher as investors upped their stakes in large caps, GUARANTY (+817bps), ZENITHBANK (+748bps), UBA (+10.02%), NB (+171bps), GUINNESS (+445bps), PZ (+499bps) and WAPCO (+381bps). Likewise, the Oil & Gas sector (+32bps) rebounded, albeit modestly, as gains in FO (+256bps) were tapered by sustained losses in MOBIL (-285bps) and OANDO (-222bps).
UBA topped the volume chart for the second consecutive session whilst NB topped the value chart, trading 6 million units worth N746 million.
What will shape the next trading session?
We note the renewed interest in large caps across key sectors and expect this to filter into the coming sessions. We however expect that market will continue to keep an eye on development surrounding the new currency framework.
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