Positive Performance Persists In The Local Bourse, NSE ASI Gains 71bps

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At the end of today’s trading session, the Nigerian Equities market closed in the green as the benchmark index improved by 0.71% to close at 37,907.28 points.

This was mainly due to the buy pressure in bellwether stocks such as NESTLE (10.00%) and MTNN (0.61%). Consequently, the YTD loss improved to -5.87% as market capitalisation increased by  ₦140 billion to close at  ₦19.76 trillion.

The Sectoral Performance strengthened as four of the five indices under coverage improved. The Insurance index, the biggest gainer, rose by 1.30%. The Consumer Goods, Oil & Gas and Banking indices, followed suit, improved by 0.77%, 0.74% and 0.02% respectively. On the flip side, the Industrial index, the only loser under coverage, declined by 0.93%.

Investor sentiment weakened in today’s trading session, as market breadth declined to 1.25x from 2.15x. This was illustrated by the advance of 20 stocks, led by  NESTLE (10.00%) and IKEJAHOTEL (9.92%), and the decline of 16 stocks, led by BOCGAS (-10.00%) and SOVRENINS (-7.14%). Activity level was mixed as total volume declined by 6.68% while the total value improved by 18.37% as investors exchanged about 213.70 million units of shares worth over N3.23 billion respectively.

Positive Performance Persists In The Local Bourse, NSE ASI Gains 71bps - Brand Spur

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Fixed Income

There was quiet activity level across the bond yield curve as all the four bond yields under coverage closed flat. The FGN-APR-2023, FGN-APR-2024, FGN-JAN-2026 and FGN-JUL-2030 yields closed at 11.49%, 11.38%, 12.60% and 12.70% respectively.

Treasury bill yields for the 90, 180 and 365-day papers closed at 4.79%, 5.92% and 10.01% respectively.

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

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MARKET SNAPSHOT

  • Positive Performance Persists in the Local Bourse, NSE ASI Gains 71bps
  • Quiet Activity Level across the Bond Yield Curve
  • Bearish Performance in Global Stocks
  • Parallel Market Reports at N503/$
  • Bullish Sentiment in African Stocks
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