Dec 30 (Lagos) - The Nigerian equity market traded higher on the last trading day of the year with the
ASI up -0.34%. Overall, the Index recorded a negative return of 6.17% for the year, marking the third straight yearly decline as all key sectors (save for the Banking sector) closed the year under water.
On the global front, European and Asian bourses traded mostly lower in the final session of the year amidst relatively tepid market activity. However, the U.S. futures pointed to a higher open.
The Consumer Goods sector (+2.1%) was the sole gainer in today’s session following gains in NB
(+422bps) and HONYFLOUR
The Financial Services sector (-17bps) traded lower, cutting its year-to-date return to +217bps owing to losses across FBNH
(-1.53%) and ZENITHBANK
The Industrial Goods (-13bps) and Oil & Gas (-199bps) also dropped points no thanks to declines in PORTPAINT
(-909bps) and FO
Market breadth remained positive with 27 advances and 17 declines.
Fixed Income Market
The fixed income market traded bullish with yields declining across the space as net liquidity inflow from OMO maturity continue to support demand.
What will shape the next trading session?
We highlight that market could have closed lower barring the last minute surge in heavyweight NB
and believe the NSE
ASI could open the new year in the red given the relatively weak market sentiment.
Analysts at Vetiva Capital Management Ltd in Victoria Island anticipate a tepid trading session for the fixed income market at the start of the year as market participants look forward to the release of the Q1’17 auction calendar.
reporting for easykobo.com on Friday, Dec 30 2016 from Lagos, Nigeria