The Nigerian Equities market closed in bullish form at the end of today’s trading session as the benchmark index improved by 0.40% to close at 37,954.35 points.
This was mainly due to the buy pressure in bellwether stocks such as ETERNA (3.92%) and FBNH (1.41%). Consequently, the YTD loss improved to -5.75% as market capitalization increased by ₦81 billion to close at ₦19.78 trillion.
The Sectoral Performance strengthened as four of the five indices under coverage improved. The Industrial index, the biggest gainer, increased by 0.88%, followed by the Banking (0.61%), Oil & Gas (0.33%) and Consumer Goods (0.20%) indices respectively. On the flip side, the Insurance index which was the only loser under coverage, declined by 0.30%.
Investor sentiment strengthened in today’s trading session, as market breadth improved to 1.43x from 0.48x. This was illustrated by the advance of 20 stocks, led by PORTPAINT (10.00%) and MBENEFIT (10.00%), and the decline of 14 stocks, led by JULI (-9.56%) and AIICO (-7.41%). Activity level was mixed as total volume declined by 19.65% while the total value increased by 14.35% as investors exchanged about 167.41million units of shares worth over N1.83billion respectively.
Fixed Income
The activity level was mixed across the bond yield curve as two of the four bond yields under coverage closed in bearish form while the FGN-APR-2023 and FGN-JUL-2030 yields closed flat at 11.50% and 12.47% respectively. The FGN-APR-2024 and FGN-JAN-2026 bond yields increased by 0.02% and 0.08% respectively.
Treasury bill yields for the 90, 180 and 365-day papers closed at 4.85%, 6.27% and 9.74% respectively.
We expect investor sentiment to be swayed by the search for real positive returns and developments in the fixed income space.
MARKET SNAPSHOT
- Positive Performance Returns in the Local Bourse, NSE ASI Gains 40bps
- Mixed Activity Level across the Bond Yield Curve
- Upward Trend in Global Stocks
- Negative Performance in the Commodities Market
- Bullish Sentiment in African Stocks
