At the end of today’s trading session, the Nigerian Equities market closed in the green as the benchmark index improved by 0.03% to close at 38,917.99 points.
This was mainly due to buying pressures in bellwether stocks such as PRESCO (3.71%) and CUTIX (10.00%). Consequently, the YTD loss improved to -3.33% as market capitalization increased by ₦2 billion to close at ₦20.28 trillion.
The Sectoral Performance weakened as three of the five indices under coverage declined. The Oil & Gas index, the biggest loser, declined by 0.63% on OANDO (-3.35%). The Insurance and Consumer Goods indices followed suit, falling by 0.18% and 0.04% on REGALINS (-6.67%) and GUINNESS (-0.94%) respectively. On the flip side, the Banking and Industrial indices, the gainers under coverage, improved by 0.56% and 0.04% on ACCESS (2.22%) and WAPCO (0.46%) respectively.
Investor sentiment strengthened in today’s trading session, as market breadth increased to 0.84x from 0.46x . This was illustrated by the advance of 16 stocks, led by CUTIX (10.00%) and VERITASKAP (8.70%), and the decline of 19 stocks, led by SOVRENINS (-7.14%) and REGALINS (-6.67%). Activity level weakened as total volume and value declined by 10.87% and 49.77% as investors exchanged about 206.29 million units of shares worth over N1.07 billion respectively.
Fixed Income
There was relatively quiet activity across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on FGN-APR-2023 bond compressed by 1bps. The FGN-APR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond yields closed flat at 10.84%, 11.79% and 12.42% respectively.
Treasury bill yields for the 90 and 180-day papers closed flat at 3.66% and 5.56% respectively while the 365-day paper compressed by 17bps to close at 8.48%.
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 Persists in the Local Bourse, NSE ASI Gains 3bps
- Quiet Activity across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Parallel Market Reports at N506/$
- Bullish Sentiment in African Stocks
