Bullish Performance Returns In The Local Bourse, NSE ASI Up 1bp

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The Nigerian equities market closed positive at the end of today’s trading session as the benchmark index improved by 0.01% to close at 38,920.50 points.

This was mainly due to buy pressures in bellwether stocks such as WAPCO (2.27%) and ZENITHBANK (0.42%). Consequently, the YTD loss improved to -3.35% as market capitalization closed at  ₦20.28 trillion.

The sectoral performance marginally weakened as three of the five indices under coverage worsened. The Insurance index, the biggest loser under coverage, weakened by 0.85% on REGALINS (-6.25%). The Oil & Gas and Consumer Goods indices followed suit, falling by 0.39% and 0.08% on OANDO (-2.25%) and DANGSUGAR (-1.70%) respectively. On the flip side, the Industrial  and Banking indices improved by 0.13% and 0.09% on WAPCO (2.27%) and ZENITHBANK (0.42%).

Investor sentiment weakened in today’s trading session, as market breadth decreased to 0.67x from 0.90x. This was illustrated by the advance of 14 stocks, led by UPDC (9.93%) and ACADEMY (8.33%) and the decline of 21 stocks, led by SOVRENINS (-7.41%) and UPL (-6.42%). Activity level was mixed as total volume increased by 13.61% while the total value declined by 25.74% as investors exchanged about 228.48 million units of shares worth over N1.88 billion.

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Bullish Performance Returns In The Local Bourse, NSE ASI Up 1bp - Brand Spur

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

Fixed Income

There was relatively bullish sentiment across the bond yield curve as 2 of the 4 bond yields under coverage closed lower, the yield on the FGN-JAN-2026 bond closed flat at 10.77% while the yield on the FGN-JUL-2030 closed higher by 51bps. Both yields on the FGN-APR-2023 and FGN-APR-2024 bonds compressed by 1bp.

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Treasury bill yields for the 182 and 364-day papers closed flat at 4.60% and 7.50% respectively while the yield on the 91-day paper compressed by 24bps to close at 3.27%.

We expect a further decline in yields in the next trading session on the back of huge demand from investors and the deliberate efforts of the  DMO to reduce borrowing costs.

MARKET SNAPSHOT

  • Bullish Performance Returns in the Local Bourse, NSE ASI Up 1bp
  • Bullish Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Parallel Market Reports at N557/$
  • Mixed Sentiment in African Stocks
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