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NSE ASI snaps 3-day losing streak, up 69bps
What shaped the market today?
- The Nigerian Stock Exchange closed higher for the first time this week following turnarounds on select large cap Consumer and Financial Services stocks. On the global scene, major bourses continued to trade in the red on the back of a pullback in oil prices (Brent down 141bps $51.7/bbl) and an appreciation in yen against the dollar.
- Consumer Goods (+166bps) and Financial Services (+100bps) posted some recovery following bargain hunting in NESTLE (+898bps), UBA (+335bps), and ACCESS (+280bps). Likewise, the Oil & Gas sector (+25bps) maintained a mildly positive momentum as price appreciation in TOTAL (+499bps) wiped off losses in OANDO (-138bps). The industrial Goods sector closed flat.
- GUARANTY topped the volume and value charts, trading 34 million units worth
N641 million.
What will shape the next trading session?
- We think today’s gains might not be sustainable given the broader market concern on the currency front. In light of this, we see chances of a reversal in market direction in the session ahead.
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