Stocks rebound to close higher w/w
What shaped the market today?
Ahead of a two-session Easter break, the Nigerian Bourse staged a turnaround as gains in the Financial Services and Industrial Goods sectors lifted the NSE ASI. Meanwhile, Asian and European markets closed lower amidst renewed pressure on oil prices and concerns over next move by the U.S. Federal Reserve in its interest path. The U.S. markets also opened in the negative.
The Consumer Goods sector (+162bps) advanced further in today’s session as sustained gains in bellwether NB (+360bps), INTBREW (+10.20%) and PZ (+497bps) overturned losses in DANGSUGAR (-420bps) and CADBURY (-489bps). Rebounding from prior declines, the Financial Services sector advanced +117bps on price appreciations in ZENITHBANK (+367bps), ETI (+344bps), UBA (+500bps) and ACCESS (+101bps). The Industrial Goods sector however closed flat.
ZENTIHBANK topped the volume chart trading 89 million units whilst GUARNATY topped the value chart trading value 79 million units worth N1.2 billion.
What will shape the next trading session?
Noting that today’s momentum was largely fueled by positioning ahead of dividend closure dates (early next week) in some Financials Services sector stocks, we see possibilities of a reversal in the week ahead.
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