NSE ASI solidifies gains at week close
What shaped the market today?
The Nigerian equity market posted the biggest gain of the week at the close of trade as sustained optimism on the Oil & Gas sector rubbed off on other key sectors. On the global front, Asian markets traded lower on the back of a slide in oil prices and appreciation in Yen against the dollar, whilst European markets climbed higher as investors looked past declines in oil prices. U.S. markets also opened higher.
The Oil & Gas sector (+346bps) remained at the center of investor attention amidst further demand for FO (+204bps), MOBIL (+893bps) and OANDO (+10.21%). Other key sectors equally benefited from the overall positive investor sentiment as their respective indices closed higher - Financial Services (+380bps), Consumer Goods (+101bps), Industrial Goods (+255bps) – on the back of strong demand for ZENITHBANK (+500bps), ACCESS (+830bps), NESTLE (+647bps), PZ (+455bps), DANGCEM (+153bps) and WAPCO (+471bps).
FBNH topped the volume chart trading 107 million units whilst GUARNATY topped the value chart trading 33 million units worth N639 million.
What will shape the next trading session?
We expect the market to open to gains in the coming sessions riding on upbeat investor appetite.
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