At the end of Yesterday’s trading session, the Nigerian equities marginally closed in green as the benchmark index inched up by 0.01% to close at 46,964.23 points. Yesterday’s performance was due to buying interest in large-cap stocks such as ZENITHBANK (+1.13%) and NGXGROUP (+2.17%).
Consequently, the YTD return increased to 9.94% as market capitalisation rose by ₦2.123 billion to close at ₦25.31 trillion.
The sectoral performance strengthened as three of the five indices under coverage improved while the Oil & Gas and Insurance Indices closed flat. The Banking Index, the biggest gainer, inched up by 0.48% on ZENITHBANK (+1.13%). The Consumer Goods and Insurance indices, followed suit, rising by 0.16% and 0.15% on PZ (+6.90%) and CHIPLC (+5.00%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.94x from 1.14x. This was illustrated by the advance of 15 stocks, led by PZ (+6.90%) and JAPAULGOLD (+6.45%) and the decline of 16 stocks, led by NNFM (-7.83%) and FCMB (-7.22%). Activity level weakened as the total volume and value decreased by 17.52% and 59.21% respectively as investors exchanged about 177.09mn units of shares worth over ₦4.18bn.
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 yields for the 182 and 364-day papers closed flat at 3.04% and 4.02% respectively while the 91-day bond yield inched up by 1bp to close at 1.89%.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Local Bourse Closes the Week in Flattish Positive Form, NGX ASI Gains 1bp
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports at $120.15/barrel
- Mixed Performance in African Stocks
