The Nigerian equities market extended its positive performance at the end of yesterday’s trading session, with the benchmark index advancing by 0.13% to close at 46,965.48 points.
Yesterday’s performance was due to buying interest in bellwether stocks such as OKUMUOIL (+4.32%) and FBNH (+6.90%). Consequently, the YTD return increased to 9.95% as market capitalisation rose by ₦32.87 billion to close at ₦25.31 trillion.
The sectoral performance weakened as three of the five indices under coverage declined while the Oil & Gas index closed flat. The Consumer Goods index, the biggest loser, decreased by 1.57% on NB (-9.10%). The Banking and Industrial Indices, followed suit, falling by 1.30% and 0.03% on ZENITHBANK (-1.54%) and WAPCO (-0.42%) respectively. Conversely, the Insurance index, the only gainer, inched up by 0.13% on MANSARD (+9.72%).
Investors’ sentiment weakened as the market breadth decreased to 0.43x from 0.94x. This was illustrated by the decline of 30 stocks, led by NNFM (-10.00%) and NEIMETH (-9.55%) and the advance of 13 stocks, led by MEYER (+10.00%) and MANSARD (+9.72%). Activity level strengthened as the total volume and value increased by 27.20% and 39.66% respectively as investors exchanged about 256.02mn units of shares worth over N3.66bn.
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 three of the four bond yields under coverage compressed while the yield on the FGN-JAN-2026 inched up by 1bp. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN JUL-2030 compressed by 1bp, 1bp and 7bps respectively.
Treasury bill yields for the 91, 182 and 364-day papers closed flat at 1.88%, 3.04% and 4.32% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Positive Trajectory Persists in the Domestic Bourse, NGX ASI Gains 13bps
- Bullish Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports at $107/barrel
- Negative Performance in African Stocks
