Jan 6 (Lagos) - What shaped the market today?
After tarrying in the red for the first three sessions of 2017, the Nigerian equity market finally clinched its first positive close of the year, largely on the back of gains across banking stocks.
The Banking sector (+0.8%) single handedly lifted the ASI courtesy of another positive run across Tier 1 banks – ACCESS
(+1.74%) and GUARANTY
(+0.30%) extended gains.
The Oil & Gas (-56bps) was the session’s under performer following losses in MOBIL
(-5%) on very low volume and FO
The Industrial Goods sector (-6bps) also closed lower albeit marginally following a decline in CCNN
The Consumer Goods sector however closed relatively flat amidst mixed performances in GUINNESS
(+1.39%) and CADBURY
Market breadth turned negative with 14 advances and 20 declines.
What to expect news week in the market?
As expected, the ASI rode on the improving appeal for banking stocks to close positive. With the appeal still quite decent, coupled with waning bearish sentiment across other sectors, analysts at Vetiva Capital Management Ltd in Victoria Island expect the index to open higher in the week ahead.