Northward Direction Persists In Local Bourse, NSE ASI Up 46bps

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Positive Performance Persists in the Local Bourse
Positive Performance Persists in the Local Bourse

The equities market closed in bullish form at the end of today’s trading session as the benchmark index improved by 0.46% to close at 38,726.10 points.

The market capitalization increased by ₦95 billion to close at ₦20.18 trillion.

Four of the five sectoral indices under coverage improved. The Industrial goods index, the biggest gainer, strengthened by 1.00%, followed by Banking (0.33%), Oil & Gas (0.06%) and Consumer goods (0.04%) indices respectively. Conversely, the Insurance index was the only loser, declined by 0.56%.

Investors’ sentiment strengthened in today’s trading session, as market breadth increased to 2.2x from 1.27x. This was illustrated by the advance of 22 stocks, led by MORISON (9.71%) and VERITASKAP (9.09%), and the decline of 10 stocks, led by CWG (-9.47%) and REGALINS (-9.09%).

In terms of activity levels, total volume and value declined by 20.28% and 15.43% compared to the previous, as investors exchanged about a 199.06million units of shares worth over a N1.59billion.

Northward Direction Persists In Local Bourse, NSE ASI Up 46bps - Brand SpurFixed Income

There was inactivity across the bond yield curve as 3 of the 4 bond yields under coverage remained constant while the 2-Year tenor ( FGN-APR-2023) marginally declined by 0.01%. FGN-APR-2024, FGN-JAN-2026 and FGN-JUL-2030 remained constant at 11.68%, 12.16% and 12.94% respectively.

Treasury bill yields for 90, 180, and 365-day papers closed at 4.44%, 6.19% and 9.50%.

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We expect a bullish momentum in the next trading session as the equities market still presents decent opportunities for investors chasing positive real return on investments.

Market Snapshot

  • Northward Direction Persists in Local Bourse, NSE ASI Up 46bps
  • Inactivity Across Bond Yield Curve as 3 of the 4 tenors remained constant.
  • Mixed Sentiment in Global Stocks
  • Parallel Market Exchange Rate Reports at N502.00/$
  • Two of the Three Tenors of Treasury Yields remained constant.