Building on the marginal gains of yesterday, the stock market inched up further by 0.07% today.
The All-Share Index closed at 38,799.83 from 38,774.03, while the market capitalization grew by ₦13.5bn to ₦20.30tn. Year-to-date, the market is down by 3.65%.
In a reversal of yesterday’s performance where the Consumer Goods sector was the only sector to record growth, the sector lost 0.20% today. However, the Banking Sector led the gains for today, advancing by 2.19%, following gains in ZENITHBANK (3.81%).
The Oil & Gas sector gained 0.40%, while the Insurance sector gained 0.60%. The Industrial sector, however, remained stable.
Investor sentiment turned positive today, as the market breadth grew from 0.44x to 1.08x with 13 stocks advancing, led by CHIPLC (9.68%), and 12 stocks declining, led by ROYALEX (-7.69%). The market turnover was negative today as the volume and value of shares traded decreased significantly; with the volume and value dropping by 59.23% to 145.33 million shares and 62.43% to ₦1.58 billion respectively.
Fixed Income Market
The activity in the market caused yields at both ends of the curve to move in opposite directions; the yields of short-term bonds such as the FGN-APR-2023 compressed by 1bps to 6.28%, while the yields of long-term bonds like the FGN-JUL-2030 bond increased by 35bps to 11.51%.
Treasury bill yields remained stable for the 91-day, 180-day, and 365-day securities at 2.43%, 4.34%, and 6.63%.
Market Snapshot
- Stock Exchange Maintains Upward Trajectory …Up by 0.07%
- Contrasting Activity On Both Ends of The Bond Yield Curve
- Stocks Climb After Powell’s Remarks
- Effects of OPEC Decision Persist As Prices Continue to Rise
- I&E Exchange Rate Appreciates to ₦409.65/1$
