The Nigerian equities market traded on a bullish note amid renewed interest in Banking shares. At the close of market proceedings today, the All-Share Index advanced by 54bps to close at 38,914.84. Similarly, the market capitalization added N109.20bn to settle at N20.36tn. Consequently, the year-to-date performance moderated to -3.37%.
Across sectors, performance was mixed as 2 indices advanced while 3 declined. The Banking and the Industrial indices went up by 4.40% and 0.16% respectively on the back of bargain hunting in the shares of ZENITH BANK (7.32%), GUARANTY (6.43%) and WAPCO (2.73%).
On the flip side, bearish sentiments dominated the Insurance (-0.78%), Oil & Gas (-0.13%) and Consumer Goods (-0.24%) indices following losses in WAPIC (-9.09%), OANDO (-3.04%) and HONYFLOUR (-5.60%)
Investor sentiment as measured by the market breath expands to 1.83x arising from 22 advancers and 12 decliners. A significant improvement was noted in the activity level as both volume and value of transactions surged by 7.27x and 1.18x respectively. A total of 1.47 billion units of shares worth N5.86bn was traded in 4,040 deals.
Fixed Income Market
The yields in the bond market moved higher on the back of selloffs across shorter maturities. Notably, the yields on the FGN-MAR-2027 and MAR-2034 advanced by 2bps and 7bps respectively.
At the NTB market, the yields on the 91-day advanced by 132bps to 2.26%. The yields on the 184-day and 364-day maturities however remain stable at 3.60% and 4.16%
Market Snapshot
- Bulls Staged a Comeback Today at the Equities Market…ASI Gained 54bps
- Local Bond Yields Maintain Upward Trajectory
- US Stocks Retreat Amid Treasury Yields Angst
- Oil Extends Losing Streak with Markets Shaken by Inflation Risk
- Naira was stable against the USD at the Parallel Market to Close at N485/$
