The Nigerian equities market yesterday closed positive, despite recording negative performance in two consecutive trading days, as the benchmark index improved by 0.05% to close at 47,364.46 points.
Yesterday’s performance was due to buying pressures in bellwether stocks such as MTNN (+0.24%) and STANBIC (+0.87%). Consequently, the YTD return increased to 10.88% as market capitalisation improved by ₦12.71 billion to close at ₦25.53 trillion.
The sectoral performance strengthened as three of the five indices under coverage improved, while the Oil & Gas and Industrial indices closed flat. The Insurance Index, led the gainers chart recording 1.24% increase on AIICO (+6.15%). The Banking and Consumer Goods indices followed suit, rising by 0.59% and 0.19% on FBNH (1.29%) and FLOURMILL (+0.79%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.06x from 0.68x. This was illustrated by the advance of 18 stocks, led by NPFMCRFBK (+10.00%) and (+9.79%) and the decline of 17 stocks, led by ROYALEX (-9.73%) and LIVESTOCK (-9.71%). Activity level was mixed as the total volume decreased by 20.42% while the total value increased by 2.43% as investors exchanged about 145.83mn units of shares worth over ₦2.54bn.
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 2bps and 1bp respectively.
Treasury bill yield for the 91-day paper compressed by 139bps to close at 1.88%, the 364-day bond paper yield increased by 7bps to close at 4.02% while the 182-day bond paper yield closed flat at 3.54%.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Positive Performance Returns in the Domestic Bourse, NGX ASI Gains 5bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Positive Performance in African Stocks
