Three in a row for the NSE ASI, adds 50bps
What shaped the market today?
For the third consecutive session, the NSE ASI closed in the green - thanks to sustained investor confidence in Financial and Consumer Goods stocks. Most key indices across European markets traded lower following ECB’s decision to keep interest rate unchanged and a number of disappointing earnings releases. Asian Markets however traded higher on the back of some recovery in oil prices.
The Financial Services sector (+147bps) climbed further at the close of today’s trading session as ZENITHBANK (+280bps), UBA (+479bps) and ACCESS (+585bps) remained appealing to investors. Similarly, the Consumer Goods sector (+66bps) held a bright spot as market cheered the better-than-expected Q1’16 earnings from bellwether NB (+182bps). The Industrial Goods sector however recorded a relatively flat close for the fourth consecutive session.
ZENITHBANK topped the volume chart trading 21.55 million units whilst GUARANTY topped the value chart for the fourth consecutive session trading 21.52 million units worth N345 million.
What will shape the next trading session?
Amidst the better than expected earnings from the tier 1 banks, the first Q1’16 earnings from a blue chip Consumer Goods company (Nigerian Breweries PLC) beat market expectations, and would imminently bolster the current positive market sentiment in our opinion. Consequently, we expect the positive sentiment to guide the NSE ASI to a fourth consecutive green close in the session ahead.
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