NSE ASI reacts to the flexible exchange rate regime
What shaped the market today?
The bulls stormed the floor of the exchange in today’s trading session, with the NSE ASI posting the biggest session return year till date, as investors cheered the MPC’s decision to allow a flexible FX market. Similarly, global markets traded mostly in positive territory amidst a continued rally in oil prices and a positive U.S. housing data. However, Chinese bourse traded in negative territory.
The Financial Services (+589bps) and Industrial Goods (+416bps) sectors were the biggest beneficiaries of the renewed investor interest as heavy weights; ZENITHBANK (+10.07%), GUARANTY (+381bps), UBA (+10.18%), DANGCEM (+411bps) AND WAPCO (+500bps) posted sizeable gains. Likewise the Consumer Goods sector (+329bps) advanced well into the green, lifted by gains in NB (+500bps), NESTLE (+274bps) and GUINNESS (+499bps), whilst the Oil & Gas sector (-12bps) underperformed other sectors, following losses in FO (-295bps) and MOBIL (-500bps).
FBNH topped the volume chart for the second consecutive session, trading 73 million units whilst GUARANTY topped the value chart, trading 46 million units worth N960 million.
What will shape the next trading session?
Given the strong demand observed in today’s session (as indicated by market breadth, volume and value), we see room for further gains in tomorrow’s trading session as the MPC’s decision to adopt a Flexible exchange rate continues to whet investor appetite for stocks across sectors.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.