Oct 14 (Lagos) - Ahead of the release of September Inflation data by the NBS, the Nigerian bourse traded flat (NSE ASI up 2bps) at week close amidst mixed performances across key sectors. On the global front, Asian and European markets traded higher as stronger-than-expected inflation data from China raised expectations over global growth prospects. U.S. futures also pointed to a higher open amidst U.S. economic data releases (Producer prices came in above estimate whilst retail sales rose in line with expectations).
The Financial Services sector (+110bps) rebounded from previous losses with GUARANTY
(+2.80%), FIDELITY (+4.65%), FCMB
(+1.83%) and FBNH
(+1.00%) leading the recovery.
The Consumer Goods sector (+10bps) also closed higher, albeit marginally, following mixed performances across GUINNESS
(-4.97%) and NB
(-0.34%). The Industrial Goods (-2.32%) and Oil & Gas (-0.89%) sectors however remained in the negative following continued declines in WAPCO
(-6.80%) and as market continued to react to FO
’ s 9M’16 result, with the stock down -4.53%.
Market breadth turned positive with 23 advances and 15 declines.
As Q3 earnings season opens up further, analysts at Vetiva Capital Management Ltd in Victoria Island expect trading activity to pick up as investors position ahead of the numbers.
reporting for easykobo.com on Friday, Oct 14 2016 from Lagos, Nigeria
Source - analysts at Vetiva Capital Management Ltd in Victoria Island
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