Bulls Suppress The Bears In The Local Bourse

Bears Outweigh Bulls In Local Bourse
Bears Outweigh Bulls In Local Bourse

The Nigerian equities market closed positive at the end of yesterday’s trading session,  as the benchmark index improved by 0.28% to close at 47,287.09 points.


Yesterday`s performance was due to buying pressures in bellwether stocks such as NESTLE (+2.87%) and PRESO (+10.00%). Consequently, the YTD return increased to 10.70% as market capitalisation rose by ₦71.54 billion to close at  ₦25.49 trillion.


The sectoral performance marginally strengthened as three of the five indices under coverage improved. The Insurance index, the biggest gainer, improved by 3.50% on NEM (+7.30%). The Consumer Goods and Oil & Gas indices followed suit, rising by 2.07% and 0.11% on NESTLE (+2.87%) and OANDO (+0.83%) respectively. Conversely, the Banking and Industrial indices, the laggers, declined by 0.04% and 0.01% on ZENITHBANK (-1.12%) and CUTIX (-7.26%).


Investors’ sentiment strengthened as the market breadth increased to 2.50x from 0.57x. This was illustrated by the advance of 30 stocks, led by PRESCO (+10.00%) and PHARMDEKO (+9.89%), and the decline of 12 stocks, led by ELLAHLAKES (-9.92%) and MAYBAKER (-9.91%). Activity level was mixed as the total volume declined by 55.45% while the total value improved by 61.09% respectively as investors exchanged about 336.31 million units of shares worth over ₦5.86bn.

Bulls Suppress The Bears In The Local Bourse - Brand Spur

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 papers closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers were compressed by 2bps and 1bp respectively.

Treasury bill yields for the 91 and 182-day papers compressed by 2bps and 6bps  to close at 3.18% and 3.50% respectively while the 364-day paper yield increased by 4bps to close at 3.99%.

We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.


  • Bulls Suppress the Bears in the Local Bourse, NGX ASI Up 28bps
  • Mixed Sentiment across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closed in Red
  • Positive Performance in African Stocks