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
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
(+112bps) and DANGCEM
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
(+493bps) and HONYFLOUR
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.