NSE ASI swings to the green, advances 44bps
What shaped the market today?
§ ​Nigerian equities secured the first positive close of the week as investors upped their appeal for blue chip Banking and Industrial Goods names. On the global front, European stock markets rose to one-month highs amidst mixed earnings updates and further recovery in oil prices. Asian markets also climbed to more than a two-week high on as a weaker yen raised optimism on exporters' earnings, whilst U.S. stocks retreated at open as investors assessed a couple of earnings from Technology and Financials sectors.
§ The Financial Services sector (+136bps) recorded the third consecutive green close of the week following sustained demand for Tier-I banking stocks - GUARANTY (+249bps) and ZENITHBANK (+182bps). The Industrial Goods and Consumer Goods sectors also closed higher on the back of a turnaround in WAPCO (+132bps) and further price appreciation in NB (+46bps) respectively.
§ LAWUNION topped the volume chart trading 47 million units whilst GUARANTY topped the value chart for the second consecutive session trading 30 million units worth N446 million.
What will shape the next trading session?
§ Asides the positive close, we also note an overall improvement in market sentiment as partly indicated by market indicators – a 57% improvement in market volume, a turnaround in market breadth to positive and wider spread of gains across sectors. We think the NSE ASI could ride further on this improved sentiment in the next session.
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