NSE ASI sustains gains, up 19bps
What shaped the market today?
The Nigerian equity market closed higher (+19bps) following volatile early trading hours, with Consumer Goods and Oil & Gas stocks driving gains. Global markets traded mixed amidst a slew of economic data releases (Chinese yuan-denominated exports and imports rose above estimate and Australia’s trade deficit shrunk higher than expectations) and the ECB decision to leave interest rates unchanged whilst confirming that its bond-buying program will run until March 2017 or beyond if necessary.
Large caps PZ (+205bps), NB (+164bps) and NESTLE (+60bps) closed higher to lift the Consumer Goods sector 97bps. The Oil & Gas sector (+58bps) also closed higher amidst gains in SEPLAT (+105bps) and as CONOIL rose 496bps on investor reaction to the company’s FY’15 earnings (PAT up 177%) and dividend declaration of ₦3/share. The Financial Services sector (-23bps) however pared previous gains following losses in UBA (-414bps), FCMB (-182bps) and ETI (-137bps), whilst the Industrial Goods sector closed flat.
Market breadth turned positive 25 advances and 13 declines.
What will shape the next trading session?
We expect the market volatility to persist till week close, although with a slightly positive bias.
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.