At the end of yesterday’s trading session, the Nigerian All Share Index extended its positive trajectory as the benchmark index advanced by 0.34% to close at 47,367.31 points.
Yesterday’s performance was due to buying pressures in heavyweight stocks such as OKOMUOIL (+5.63%) and MTNN (+0.90%). Consequently, the YTD return increased to 10.89% as market capitalisation rose by N87.49 billion to close at ₦25.54 trillion.
The sectoral performance strengthened as three of the five indices under coverage improved while the Industrial index closed flat. The Banking index, the biggest gainer, rose by 0.56% on GTCO (+3.17%). Both Consumer Goods and Oil & Gas indices, followed suit, increasing by 0.03% and 0.03% on FLOURMILL (+1.64%) and OANDO (+0.21%) respectively. The Insurance index, the only loser, declined by 0.18% on AIICO (-1.52%).
Investors’ sentiment strengthened as the market breadth increased to 1.94x from 1.76x. This was illustrated by the advance of 31 stocks led by MEYER (+9.56%) and IKAJAHOTEL (+9.24%) and the decline of 16 stocks, led by SUNUASSUR (-7.69%) and STERLNBANK (-6.00%). Activity level strengthened as the total volume and value increased by 59.68% and 108.54% respectively as investors exchanged about 391.89mn units of shares worth over N9.95bn.
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage inched higher, the FGN-JUL-2030 bond paper closed flat while the yield on the FGN-MAR-2024 compressed by 1bp. Both yields on the FGN-APR-2023 and FGN-JAN-2026 bond papers increased by 27bps and 2bps 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 22bps to close at 3.00% and 4.20% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
- Bullish Sentiment in the Local Bourse, NGX ASI Gains 34bps
- Mixed Sentiment across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Commodities Market Closes in Green
- Mixed Performance in African Stocks