Local Bourse Opens The Week In Green, NSE ASI Up 47bps

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The Nigerian Equities market closed in bullish form at the end of today’s trading session as the benchmark index improved by 0.47% to close at 38,849.08 points.

This was mainly due to the buy pressures in bellwether stocks such as ARDOVA (9.75%) and OANDO (9.82%). Consequently, the YTD loss improved to -3.53% as market capitalization increased by ₦91 billion to close at  ₦20.24 trillion.

The Sectoral Performance strengthened as four of the five indices under coverage improved. The Oil & Gas index, the biggest gainer, rose by 2.24% on ARDOVA (+9.75%).

The Industrial, Banking and Consumer Goods indices, followed suit, improved by 0.30% (JBERGER +7.88%), 0.26% (ETI +3.92%) and 0.23% (FLOUR MILL +3.02%) respectively. Conversely, the Insurance index, the only loser under coverage, declined by 0.42% on LINKASSURE (-7.14%).

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Investor sentiment strengthened in today’s trading session, as market breadth improved to 1.81x from 2.73x. This was illustrated by the advance of 29 stocks, led by  OANDO (9.82%) and FTNCOCOA (9.76%), and the decline of 16 stocks, led by UNIVINSURE (-9.09%) and LINKASSURE (-7.14%).

Activity level was mixed as total volume improved by 7.08% while the total value declined by 2.90% as investors exchanged about 246.56 million units of shares worth over N2.24 billion respectively.

Local Bourse Opens The Week In Green, NSE ASI Up 47bps - Brand SpurFixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage increased, the FGN-APR-2023 compressed by 15bps while the FGN-JAN-2026 closed flat at 11.85%. The FGN-APR-2024 and FGN-JUL-2030 yields closed higher by 5bps and 1bps respectively.

Treasury bill yields for the 90, 180 and 365-day papers closed at 5.56%, 5.22% and 8.86% respectively.

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

MARKET SNAPSHOT

  • Local Bourse Opens the Week in Green, NSE ASI Up 47bps
  • Mixed Sentiment across the Bond Yield Curve
  • Bullish Performance in Global Stocks
  • Parallel Market Reports at N503/$
  • Mixed Performance in African Stocks
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