NSE snaps five-day declines
What shaped the market today?
The Nigerian equity market snapped a five-day losing streak as investors bid up key names in most key sectors. Meanwhile, global bourses extended their banner rally on the back of stimulus comments from Japan’s prime minister and relative clarity on the U.K’s political scene following news of the imminent appointment of home secretary Theresa May as prime minister.
The Financial Services sector maintained the positive momentum to close +98bps higher following gains in ZENITHBANK (+340bps), ACCESS (+370bps), and UBA (+263bps). Consumer (+94bps) and Industrial Goods (+61bps) also eked out gains as investors bid up respective names, NB (+285bps) and WAPCO (+170bps). However, the Oil & Gas sector (-241bps) underperformed other key sectors, pressured by continued declines in OANDO (-759bps) and FO (-500bps).
TRANSCORP topped the volume chart, trading 28 million units whilst NB topped the value chart trading, trading 5 million units worth N698 million.
Notwithstanding the sustained negative market breadth, we expect gains to be sustained in tomorrow’s session as we observe interest in a number of large caps.
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