Petroleum shares lift NSE ASI
What shaped the market today?
The NSE ASI added more points at the close of trade amidst positive investor reaction to developments in Nigeria’s Downstream Oil & Gas sector. On the global scene, European markets traded higher on the back of an uptick in oil prices and the decision of the Bank of England to hold rates whilst Asian markets traded lower, pressured by declines in Auto stocks. U.S. markets however opened higher.
The Oil & Gas sector (+367bps) topped advances as news of the liberalisation of the Downstream Oil & Gas sector rubbed off on FO (+500bps), TOTAL (+611bps) and OANDO (+503bps). Similarly, the Financial Services (+143bps) and Consumer Goods (+135bps) sectors maintained a positive momentum thanks to advances in respective names; ZENITHBANK (+145bps), ACCESS (+348bps), GUARANTY (+76bps), NB (+254bps), PZ (+476bps) and TIGERBRANDS (+10.10%). The Industrial Goods sector (-49bps) however closed lower as heavyweight WAPCO (-145bps) remained pressured.
TRANSCORP topped the volume chart trading 41 million units whilst ZENITHBANK topped the value chart trading 13 million units worth N189 million.
What will shape the next trading session?
Noting the upbeat sentiment as indicated by the sustained positive market breadth and renewed interest in Oil & Gas sector, we foresee another green close for tomorrow’s session.
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