Bullish Sentiment Returns As NSE ASI Inches Up By 0.15%

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Trade Deficit
Trade Deficit Worsens On The Back Of Currency Devaluation-Brand Spur Nigeria

At the end of today’s trading session, the Nigerian Equities market closed positive as the benchmark index improved by 0.15% to close at 37,640.75 points.

This was mainly due to the buying pressure in bellwether stocks such as DANGSUGAR (4.17%) and NB (0.25%). Consequently, the YTD loss improved to -6.53% as market capitalization increased by  ₦31 billion to close at  ₦19.62 trillion.

The Sectoral Performance strengthened as three of the five indices under coverage improved, Oil and Gas index weakened by 0.86% while the Industrial index closed flat. The Insurance, Consumer Goods and Banking indices improved by 2.22%, 0.29% and 0.25% respectively.

Investor sentiment strengthened in today’s trading session, as market breadth improved to 2.15x from 0.72x. This was illustrated by the advance of 28 stocks, led by  LINKASSURE (10.00%) and IKEJAHOTEL (10.00%), and the decline of 13 stocks, led by JAIZBANK (-5.17%) and VERITASKAP (-4.00%). Activity level was mixed as total volume improved by 40.07% while the total value declined by 20.64% as investors exchanged about 229.01 million units of shares worth over N2.73 billion respectively.

Bullish Sentiment Returns As NSE ASI Inches Up By 0.15% - Brand Spur

Fixed Income

The activity level was mixed across the bond yield curve as two of the four bond yields under coverage closed flat, the FGN-APR-2024 yield closed lower by 0.50% while the FGN-JUL-2030 yield closed higher by 0.80%. The FGN-APR-2023 and FGN-JAN-2026 bond yields closed flat at 11.49% and 12.60% respectively.

Treasury bill yields for the 90, 180, and 365-day papers closed at 4.79%, 5.93% and 9.96% respectively.

We expect investor sentiment to be swayed by the search for real positive returns and developments in the fixed income space.

MARKET SNAPSHOT

  • Bullish Sentiment Returns in the Local Bourse, NSE ASI Gains 15bps
  • Mixed Activity Level across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Parallel Market still Reports at N502/$
  • Mixed Sentiment in African Stocks