The Nigerian equities market closed positive today amid bargain hunting in Banking and Industrial shares. Notably, the benchmark All Share Index (ASI) appreciated by 33bps to close at 39,931.63 while market capitalization gained N68.93bn to settle at N20.89tn. In summary, the year-to-date performance moderated to -0.84%.
Performance across sectors was broadly bearish as 3 of the 5 sectors under coverage closed in the red zone. The Insurance, Consumer Goods and Oil & Gas indices went down by 1.10%, 0.48% and 0.10% respectively due to negative sentiments in LASACO(-0.11%), CHAMPION(-9.92%) and JAPAULGOLD(-5.80%).
On the other hand, the Banking and the Industrial indices advanced by 0.25% and 1.47% as a result of buy interest in ZENITHBANK (+1.38%) and BUACEMENT(+3.82%).
Investor’ sentiments measured by market breadth remained bearish as only 12 stocks advanced while 29 stocks declined. Market activity level however improves with the volume of transactions advancing by 7.24% while value declined by 22.70%.
Fixed Income Market
The bond market traded on a quiet note with yields advancing on shorter instruments while those on the longer end of the curve remain stable. Notably, the yields on the FGN-APR-2023 advanced by 2bps to 6.89%.
The Treasury bills market also traded on a muted note as yields remain stable across different tenors. Yields on the 91-day, 182-day and 364-day maturities stabilized at 1.19%, 2.02% and 2.07% respectively.
Market Snapshot
- The Local Bourse Opened The Week on a Positive Note…ASI up by 33bps
- Local Bond Yields Advanced Across Shorter Maturities
- U.S. Stocks Rally Amid Drop in Treasury Yields
- Oil Steadies with OPEC+ Meeting Looming Over Tightening Market
- Naira remain stable against the USD at the parallel market to close at N482/$
