Industrial Goods sector cements NSEASI with victory   

Equity Market Report,

27th June, 2019

Gains in the Industrial Goods sector provided respite for the NSE ASI today on the back of advances in the cement industry CCNN (+10.00%), DANGCEM (0.54%) and WAPCO (2.11%). The index jumped 47bps today with market activity (turnover: +54% d/d) also growing. Market breadth turned 1.39x positive with 25 advances vs. 18 declines. The Banking sector(-0.10) was the sole loser of the four key sectors while the Industrial Goods, Consumer Goods (largely NESTLE: 370bps) and Oil & Gas (largely SEPLAT: 600bps) sectors all closed in the green.

What will shape the market tomorrow? 

Despite the positive index performance today, attributable to market heavyweights NESTLE and DANGCEM closing in the green, we foresee a session of mixed trading pattern tomorrow as investors might position to take advantage of beaten down prices. However, further profit taking on  today’s gain as seen in previous sessions cannot be ruled out. In our opinion, prices remain attractive across the board and investors may want to start positioning in anticipation of an impending market correction.

Reporting for EasyKobo on Thursday , 27 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

Copyright @ 2010-2019 by Naija infotech & solar energy ltd. All rights reserved