At the end of Yesterday’s trading session, the Nigerian equities market closed in green as the benchmark index improved by 0.03% to close at 47,246.90 points. Yesterday`s performance was due to bargain hunting in bellwether stocks such as GTCO (+1.32%) and JBERGER (+9.27%). Consequently, the YTD return improved to 10.61% as market capitalisation increased by ₦6.99 billion to close at ₦25.46 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage improved. The Insurance index, the biggest loser, decreased by 0.61% on AIICO (-2.90%). The Consumer Goods and Banking Indices, followed suit, falling by declined 0.40% and 0.08% on GUINNESS (-5.34%) and ACCESS (-0.96%) respectively. Conversely, the Industrial and Oil and Gas indices, the gainers, improved by 0.02% and 0.01% on JBERGER (+9.27%) and ETERNA (+7.41%) respectively.
Investors’ sentiment weakened but positive as the market breadth declined to 1.61x from 1.82x. This was illustrated by the advance of 29 stocks, led by LEARNAFRCA (+10.00%) and NIGERINS (+10.00%) and the decline of 18 stocks, led by ELLAHLAKES (-9.76%) and MULTIVERSE (-8.00%). Activity level strengthened as the total volume and value increased by 0.08% and 22.14% as investors exchanged about 421.82 million units of shares worth over ₦5.16 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 bullish sentiment across the bond yield curve as all of the four bond yields under coverage closed lower. The yields on the FGN-APR-2023, FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 compressed by 2bps,1bp, 35bps and 39bps respectively.
Treasury bill yields for the 91 and 182-day paper yields closed flat at 3.15% and 4.64% while the 364-day yield compressed by 76bps to close at 4.44%.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Positive Performance Persists in the Local Bourse, NGX ASI Gains 3bps
- Bullish Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodity Market Closed in Green
- Mixed Sentiment in African Stocks
