Wednesday, May 24, 2017 10:42:31 AM- Nigerian Stock Exchange.



  DANGCEM, FO, GTB, OANDO drive stocks up 1.29%

      

Dec 14 (Lagos) - The Nigerian bourse closed in the positive territory at mid-week, extending its gaining streak to five consecutive sessions as gains across bellwether stocks spurred the NSE ASI (+129bps). 



Ahead of a possible rate hike announcement by the U.S. Fed later today, global markets traded mixed as investors remain cautious.
 


The Oil & Gas sector (+437bps) maintained its positive momentum following another limit up close from FO. Also contributing to sector gains were SEPLAT (+671bps) and OANDO (+135bps). Meanwhile, MOBIL (-33bps) continued to falter as investors further locked in profit. 



The Financial Services (+230bps) and Industrial Goods (+98bps) sectors also extended gains thanks to advances across ETI (+494bps), GUARANTY (+298bps), ZENITHBANK (+112bps) and DANGCEM (+186bps). 



The Consumer Goods sector (-67bps) yet again underperformed as declines in weighty UNILEVER (-253bps) and NB (-153bps) erased advances in a handful of mid to small caps, notably - GLAXOSMITH (+714bps), INTBREW (+493bps) and HONYFLOUR (+450bps).


 
Market breadth remained positive with 36 advances and 12 declines.



What will shape the next trading session?

 

Analysts at Vetiva Capital Management Ltd in Victoria Island expect the NSE ASI to sustain its recent uptrend supported by the bullish run across energy names and gains across select large caps. However, gains could be capped as investors look to take profit. Also, investors would be keeping an eye on Inflation numbers due tomorrow.



reporting for easykobo.com on Wednesday, Dec 14 2016 from Lagos, Nigeria




Source - analysts at Vetiva Capital Management Ltd in Victoria Island



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