A positive start to Q2, NSE ASI up 79bps
What shaped the market today?
Nigerian equities opened the second quarter on a positive, buoyed by continued appeal for Industrial blue-chip and a turnaround in the Banks. Despite a slew of positive data releases (Chinese PMI and U.S. non-farm payrolls came in better than expected), most global bourses traded lower amidst a decline in oil prices.
The Industrial Goods sector (+165bps) remained in the green following further gains in heavyweight DANGCEM (+191bps). Similarly, the Financial Services sector (+110bps) recovered from the carnage of previous sessions courtesy of bargain hunting in a some Tier I banks -ACCESS (+510bps), ETI (+476bps) and ZENITHBANK (+214bps). Consumer Goods (-45bps) however gave up prior gains as GUINNESS (-431bps), NB (-57bps) and DANGSUGAR (-228bps) came under pressure.
UNITYBNK topped the volume chart trading 59 million units whilst GUARANTY topped the value chart trading value 15 million units worth N215 million.
What will shape the next trading session?
Notwithstanding the possibility of further bargain hunting across banks amidst their depressed valuations, we think the renewed pressure on oil prices (Brent crude at $38.62/bbl – one month low) could soften market sentiment in the sessions ahead.
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