At the end of yesterday’s trading session, the Nigerian All Share Index closed positive as the benchmark index advanced by 0.51% to close at 46,867.95 points.
Yesterday’s performance was due to buying pressures in bellwether stocks such as MTNN (+1.21%) and ZENITHBANK (+4.35%). Consequently, the YTD return increased to 9.72% as market capitalisation rose by ₦127.49 billion to close at ₦25.27 trillion.
The sectoral performance strengthened as four of the five indices under coverage improved. The Banking index, the biggest gainer, rose by 2.83% on ZENITHBANK (+4.35%). The Insurance, Industrial and Consumer Goods indices, followed suit, climbing up by 1.38%, 0.22%, and 0.03% on MANSARD (+3.73%), WAPCO (+3.41%), and UACN (+9.90%) respectively. The Oil and Gas index, the only loser, declined by 0.14% on OANDO (-1.04%)
Investors’ sentiment strengthened as the market breadth increased to 2.46x from 1.75x. This was illustrated by the advance of 32 stocks led by NAHCO (+10.00%) and UACN (+9.90%) and the decline of 13 stocks, led by ACADEMY (-9.60%) and MBENEFIT (-7.69%). Activity level strengthened as the total volume and value increased by 45.76% and 117.91% respectively as investors exchanged about 224.64mn units of shares worth over N3.82bn.
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 compressed while the FGN-JAN-2026 and FGN-JUL-2030 bond paper increased by 46bps and 3bps respectively. The yields on the FGN-APR-2023 and FGN-MAR-2024 compressed by 5bps and 3bps respectively.
Treasury bill yields for the 91-day paper closed flat at 1.88% while the yields on the 182 and 364-day papers compressed by 4bps and 17bps to close at 3.00% and 4.25% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Local Bourse Starts the Week in Green, NGX ASI Gains 51bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports at $99.77/barrel
- Negative Performance in African Stocks
