Local Equities Rebounds…Investors Gained N259.45bn

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

The Nigerian equities market traded on a positive note as investors position for earnings release. The benchmark All Share Index (ASI) went up by 121bps  to close at 41,584.94  with market capitalization adding N259.45bn to settle at N21.75tn.

In summary, the  Year-to-Date (YtD) performance improves to 3.26%.

Sectoral indices tolled different part with 3 of the 5 sectors under coverage closing positive. Notably, the insurance, consumer goods and industrial indices advanced by 0.40%, 0.54% and 0.25% buoyed by positive sentiments in AFRINSURE(+9.09%), CHAMPIONS(+9.81%) and WAPCO(+3.77%). Conversely, Oil & gas and banking indices waned by 5.31% and 0.14% following losses in SEPLAT (-9.26%) and ZENITHBANK(-0.94%).

Local Equities Rebounds...Investors Gained N259.45bn

Investors’ sentiment was also positive as 32 stocks advanced while 19 stocks declined to indicate a 1.68x market breadth.  Market activity level improves as both the volume and value of transaction advanced by 40.47% and 110.79%. Investors traded a total of 467 million units of shares valued at N5.57billion.

The bond market traded on a muted note as yield compressed marginally on shorter maturities while those on longer maturities remained stable. The yield on  FGN-JUL-2030 consequently closed at 4.96%.

Market Snapshot

  • Local Bourse Maintains Uptrend…ASI Gained 83bps Today
  • Bond market traded on a muted note with yield stabilizing on longer-term maturities
  • US S&P 500 Drops the Most Since October
  • Oil Steady With Market Structure Pointing to Tight Global Supply
  • Naira weakened in the parallel market to close at N475/$