At the end of yesterday’s trading session, the Nigerian All Share Index closed in positive territory as the benchmark index advanced by 0.18% to close at 48,223.86 points. Yesterday’s performance was due to buying interest in heavyweight stocks such as GTCO (+1.69%) and NB (+0.31%).
Consequently, the YTD return increased to 12.89% as market capitalisation rose by ₦45.91 billion to close at ₦26.00 trillion.
The sectoral performance was positive as all the five indices under coverage advanced. The Oil & Gas index, the biggest gainer, rose by 1.61% on ARDOVA (+3.46%). The Banking, Insurance, Consumer Goods and Industrial indices, followed suit, increasing by 0.51%, 0.44%, 0.19% and 0.06% on GTCO (+1.69%), CORNERST (+8.93%), NB (+0.31%) and BERGER (+10.00%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 3.22x from 1.18x. This was illustrated by the advance of 29 stocks led by ETERNA (+10.00%) and BERGER (+10.00%) and the decline of 9 stocks, led by SCOA (-9.77%) and ABCTRANS (-6.45%). Activity level was negative as the total volume and value decreased by 30.00% and 14.81% as investors exchanged about 244.69mn units of shares worth over ₦3.15bn.
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 FGN-JUL-2030 bond paper yield closed flat. The FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 bond papers yields declined by 2bps, 1bp and 1bp respectively.
Treasury bill yields for the 91 and 182-day paper declined by 2bps and 1bp to close at 3.23% and 3.63% respectively while the 364-day paper inched up by 4bps to close at 4.52%,
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Bullish Sentiment in the Domestic Bourse , NGX ASI Gains 18bps
- Bullish Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Report at $108.69/barrel
- Mixed Performance in African Stocks
