NSE ASI wraps week in the green, up 255bps w/w
What shaped the market today?
Amidst reports that President Muhammadu Buhari signed the 2016 national budget into law, Nigeria equities bounced back into the green at week close with most key sectors recording gains. Elsewhere, global markets traded mostly in the red as disappointing U.S. job data for the month of April and renewed pressure on the oil price weighed heavily on investor sentiment.
The Oil & Gas sector (+433bps) led advances, bolstered by continued recovery in FO (+10.25%) and gains in MOBIL (+493bps). Similarly, the Financial Services (+85bps) and Consumer Goods (+16bps) sectors closed higher following price appreciations in GUARANTY (+210bps), ZENITHBANK (+115bps) and TIGERBRANDS (+902bps), GUINNESS (+106bps) respectively. The Industrial Goods sector closed flat.
FBNH topped the volume chart for the third consecutive session, trading 30 million units whilst NB topped the value chart for the second consecutive session, trading 2 million units worth N222 million.
What will shape the next trading session?
We expect the market to remain upbeat in the coming session as investors continue to react to news flow of the signing of budget.
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