Feb 17 (Lagos) - The NSE
ASI (+44bps) trended higher at week close, bolstered by a turnaround in Consumer Goods stocks and gains across banking names.
On the global front, Asian markets traded lower as a relatively stronger yen continued to weigh on market sentiment.
European markets and U.S. futures also closed lower as investors digested some disappointing corporate earnings releases.
The Consumer Goods sector (+105bps) swung back to the green following bargain hunting in PZ
(+10.12%) and NB
The Banking sector (+75bps) also extended gains thanks to advances in ACCESS
(+137bps) and GUARANTY
Whilst the Industrial Good sector maintained a flat close amidst gains in CUTIX
(+274bps), the Oil & Gas sector (-59bps) snapped a five-session gaining streak on the back of profit taking in FO
(-499bps) and OANDO
Market breadth turned positive with 22 advances and 12 declines.
What will shape the next trading session?
Analysts at Vetiva Capital Management Limited in Ikoyi expect mixed closes to persist across key sectors in the coming week as a mix of bargain hunting (particularly in Consumer Goods stocks) and reactions to earnings releases dictate overall market direction.
reporting for easykobo.com on Friday, Feb 17 2017 from Lagos, Nigeria
Source - analysts at Vetiva Capital Management Ltd in Victoria Island