The Nigerian equities market opens the week on a positive note following bargain hunting across the Industrial tickers. At the close of market proceedings today, the All Share Index went up by 89bps to close at 38,722.87. Similarly, the market capitalization gained N178.14bn to settle at N20.26tn. Consequently, the year-to-date performance printed at -3.84%.
The Industrial (2.20%) index lead other sectors in the gainers’ chart following buy interest in JBERGER (10.00%) and BUACEMENT (5.08%). Similarly, gains in MBENEFIT (5.15%), INTEBREW (5.88%) and ARDOVA (3.70%) buoyed positive performance in the Insurance, Consumer Goods and Oil & Gas index as they advanced by 0.44%, 0.14% and 0.29% respectively. The Banking index however closed flat with a 1bps declined.
Investor sentiment as measured by the market breadth improves further to 3.25x on the back of 26 advancers and only 8 decliners. However, the activity level slows down as the volume and the value of transactions declined by 4.60% and 24.00%. Investors traded a total of 277 million units of shares valued at N3.05bn in 4,299 deals.
Fixed Income Market
The yields in the bond market moved different paths across the short and long tenor instruments. Specifically, the yields on the FGN-MAR-2024 and MAR-2025 compressed by 1bps to close at 7.99% and 7.49% respectively. Conversely, the yields on the JUL-2034 and MAR-2035 advanced by 4bps and 28bps.
At the NTB market, the yields on the 91-day, 184-day and 364-day maturities remained stable at 2.26%, 4.15% and 4.44%.
Market Snapshot
- Equities Market Recovers from Losses… ASI up by 89bps Today
- Local Bond Yields Maintain Upward Trajectory Across Longer Tenors
- US Stocks Rise Amid Drop in Treasury Yields
- Oil Fluctuates with Demand in Focus After Worst Week in 5 Months
- Naira depreciated against the USD at the Parallel Market to Close at N486/$
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