At the end of yesterday’s trading session, the Nigerian equities market closed positive as the benchmark index increased by 0.20% to close at 47,233.91 points.
Yestreday`s performance was due to bargain hunting in large-cap stocks such as GUINNESS (+5.71%) and MTNN (+0.15%). Consequently, the YTD return improved to 10.58% as market capitalisation increased by N50.36 billion to close at ₦25.46 trillion.
The sectoral performance significantly strengthened as four of the five indices under coverage improved while the Oil and Gas index closed flat. The Banking index, the biggest gainer, increased by 0.66% on STANBIC (+1.01%). The Consumer goods, Insurance and Industrial indices followed suit, rising by 0.37%, 0.22% and 0.01% on GUINNESS (+5.71%), WAPIC (+0.50%) and CUTIX (+4.02%) respectively.
Investors sentiment weakened but positive as the market breadth declined to 1.82x from 1.93x. This was illustrated by the advance of 31 stocks, led by UCAP (+10.00%) and RTBRISCOE (+10.00%) and the decline of 17 stocks, led by JULI (-9.76%) and MULTIVERSE (-8.00%). Activity level weakened as the total volume and value declined by 0.75% and 35.30% as investors exchanged about 421.46 million units of shares worth over ₦4.22 billion
We expect positive sentiment to persist in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed lower while the yields on the FGN-JAN-2026 and FGN-JUL-2030 closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 compressed by 3bps and 2bps respectively.
Treasury bill yields for the 91, 182 and 364-day paper closed flat at 3.15%, 4.64% and 5.20% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Local Bourse Starts the Week in Green, NGX ASI Gains 20bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodity Market Closed in Red
- Positive Sentiment in African Stocks
