Bullish Sentiment Persists In The Local Bourse, NSE ASI Gains 74bps

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Bearish Sentiment Persists in the Local Bourse
Bearish Sentiment Persists in the Local Bourse

At the end of today’s trading session, the equities market maintains its bullish form as the benchmark index improves by 0.74% to close at 39,170.95 points.

The market capitalization increased by  ₦147 billion to close at  ₦20.42 trillion.

All the five sectoral indices under coverage improved. The Industrial goods index, the biggest gainer, improved by 1.33%, followed by the Banking (1.25%), Insurance (0.37%), Consumer goods (0.28%) and Oil & Gas (0.03%) indices respectively.

Investor sentiment improved in today’s trading session, as market breadth increased to 4.17x from 0.88x. This was illustrated by the advance of 25 stocks, led by  CUTIX (10.00%) and OKOMUOIL (9.75%), and the decline of 6 stocks, led by SOVRENINS (-3.57%) and JAIZBANK (-3.39%).

Activity level was mixed as total volume declined by 16.93% while total value improved by 148.99% compared to their previous figures respectively, as investors exchanged about 181.53million units of shares worth over N3.96billion.

Bullish Sentiment Persists In The Local Bourse, NSE ASI Gains 74bps - Brand Spur

Fixed Income

Activity across the bond yield curve was relatively low as 3 of the 4 bond yields under coverage remained flat while 2-Year tenor (FGN-APR-2023) declined by 0.01%. FGN-APR-2024, FGN-JAN-2026 and FGN-JUL-2030 remained constant at 11.74%, 12.16% and 12.94% respectively.

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Treasury bill yields for 90, 180, and 365-day papers closed at 4.44%, 6.19% and 9.48%.

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

Market Snapshot

  • Bullish Sentiment Persists in the Local Bourse, NSE ASI Gains 74bps
  • Relatively Low Activity across the Bond Yield Curve as 3 of 4 Yields remained flat
  • Bearish Sentiment in Global Stocks  as 4 of the 6 Indices under Coverage declined.
  • Parallel Market Exchange Rate still Reports at N502.00/$
  • Two of the Three Tenors of Treasury Yields remained constant