NSE ASI stays north as Consumer Goods rebound
What shaped the
market
today?
Nigerian equities closed in the green for
the fourth consecutive session following a rebound in the Consumer Goods
sector. Asian markets traded mixed in the early hours of today amid
depreciation in the Japanese yen and the Chinese yuan. European markets however
traded in negative territory as a series of explosions in Brussels stoked
security concerns over Europe.
The Consumer Goods sector (+298bps) climbed well into the green
bolstered by bargain hunting in sector-leaders NB (+500bps), NESTLE (+324bps)
and GUINNESS (+371bps). The Financial Services sector (-61bps) however
retreated as declines in ZENITHBANK (-220bps), UBN (-295bps) and GUARANTY
(-49bps) overwhelmed advances in FBNH (+249bps) and UCAP (+968bps) whilst the
Industrial Goods sector closed flat.
GUARANTY topped both the volume and value
charts trading 69 million units worth N1 billion.
What will shape the next trading
session?
We expect trading in tomorrow’s session to be mixed as we see more room for bargain hunting in the Consumer Goods sector and as investors react to the unexpected tightening in monetary policy.
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