Local Bourse Closed Positive after Eid Mubarak Break, NSE ASI Up 167bps

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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 1.67% to close at 38,585.52 points. This was mainly due to the buy pressure in bellwether stocks such as TOTAL (10.00%) and DANGCEM (7.83%). Consequently, the YTD loss improved to -4.18% as market capitalisation increased by ₦330 billion to close at ₦20.10 trillion.

The Sectoral Performance strengthened as four of the five indices under coverage improved. The Industrial index, the biggest gainer, rose by 4.01% on DANGCEM (+7.83%). The Oil & Gas, Consumer Goods and Banking indices, followed suit, improved by 3.11% (TOTAL +10.00%), 1.08% (DANGSUGAR +0.29%) and 0.31% (ZENITH BANK +0.82%) respectively. On the flip side, the Insurance index, the only loser under coverage, declined by 1.88% on AIICO (-8.70%).

FX Liberalization debt Naira Further Depreciates against the USD at the BDC, Parallel Markets Market reacts to monetary policy action
Afolabi Sotunde Illustration Naira

Investor sentiment weakened in today’s trading session, as market breadth declined to 1.69x from 2.2x. This was illustrated by the advance of 22 stocks, led by TOTAL (10.00%) and CUTIX (9.77%), and the decline of 13 stocks, led by AIICO (-8.77%) and SOVRENINS (-6.45%).

Activity level was mixed as total volume declined by 56.13% while the total value improved by 43.33% as investors exchanged about 203.11 million units of shares worth over N1.72 billion respectively.

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Local Bourse
Source: PFI Capital Ltd

Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat, the FGN-APR-2024 yield increased by 5bps while FGN-JAN-2026 declined by 2bps. The FGN-APR-2023 and FGN-JUL-2030 yields closed flat at 10.99% and 12.61% respectively.

Treasury bill yields for the 90, 180 and 365-day papers closed at 5.56%, 5.23% and 8.74% respectively.

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

 MARKET SNAPSHOT

  • Local Bourse closed Positive after Eid Mubarak Break, NSE ASI Up 167bps
  • Mixed Sentiment across the Bond Yield Curve
  • Bullish Performance in Global Stocks
  • Parallel Market Reports at N503/$
  • Bullish Sentiment in African Stocks
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