Report
Vetiva Capital Management

NSE ASI notches positive close

What shaped the market today?

  • The NSE ASI maintained the positive start to the week, up further 39bps as most key sectors held on to gains. Global markets traded mixed amidst continued doubt that the potential oil output cut deal would be enough to erode existing surplus.
  • The Financial Services sector (+102bps) again spearheaded gains across key sectors following market reaction to 9M’16 result (Gross earnings and PAT up 8% y/y apiece) of UBA (+195bps), coupled with advances in ZENITHBANK (+337bps) and ACCESS (+221bps). The Consumer Goods (+58bps) and Oil & Gas (+151bps) sectors also closed higher on the back of gains in NESTLE (+313bps), DANGSUGAR (+236bps) and SEPLAT (+500bps). However, the Industrial Goods sector (-68bps) closed under water, paring yesterday’s gains as WAPCO shed 186bps.
  • Market breadth remained negative with 15 advances and 23 declines.

What will shape the next trading session?

  • Notwithstanding the persistent negative market breadth, we highlight that investor appetite for bellwether stocks, particularly in the Financial Services sector could keep the ASI in the green in the session ahead.


11/10/2016 4 EN
Provider
Vetiva Capital Management
Vetiva Capital Management

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