Activities at the Nigerian equities market yesterday’s closed positive with the All Share Index extending its positive streak by 0.05% to close at 48,568.57 points.
The performance was due to buying pressures in bellwether stocks such as SEPLAT (+6.80%) and WAPCO (+0.37%). Consequently, the YTD return increased to 13.70% as market capitalisation rose by ₦13.59 billion to close at ₦26.18 trillion.
The sectoral performance was broadly positive as four of the five indices under coverage advanced. The Oil & Gas index, the biggest gainer, rose by 3.35% on SEPLAT (+6.80%). The Consumer Goods, Insurance and Industrial indices, followed suit, increasing by 1.10%, 0.88% and 0.03% on NB (+8.41%), CORNEST (+1.54%) and WAPCO (+0.37%) respectively. Conversely. the Banking Index, the sole loser fell by 1.39% on ZENITHBANK (-2.94%).
Investors’ sentiment weakened but positive as the market breadth decreased to 1.17x from 2.00x. This was illustrated by the decline of 23 stocks led by MULTIVERSE (-8.70%) and INTBREW (-8.04%) and the advance of 27 stocks, led by ACADEMY (+10.00%) and CHAMPION (+9.78%). Activity level was strengthened as the total volume increased by 41.52% while the total value increased by 73.58% as investors exchanged about 464.73mn units of shares worth over ₦7.01bn.
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.
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 the FGN-JUL-2030 bond papers closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers compressed by 2bps and 1bp respectively.
Treasury bill yields for the 91, 182 and 364-day paper inched up by 2bps, 6bps, and 18bps at 3.25%, 3.52% and 4.66% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
Bulls Sustain Dominance in the Local Bourse, NGX ASI Gains 5bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market in Green
- Positive Performance in African Stocks