At the end of yesterdays trading session, the Nigerian All Share Index benchmark closed in green, advancing marginally by 0.01% to close at 48,571.75 points.
Yesterday’s performance was due to buying pressures in bellwether stocks such as PRESCO (+8.98%) and GUINNESS (+7.54%). Consequently, the YTD return increased to 13.71% as market capitalisation rose by ₦1.72 billion to close at ₦26.19 trillion.
The sectoral performance was marginally weakened as three of the five indices under coverage declined. The Banking index, the biggest loser, fell by 1.46% on ZENITHBANK (-2.62%). The Insurance and Oil and Gas indices, followed suit, decreasing by 0.85% and 0.72% on CORNERST (-6.06%) and ETERNA (-4.68%) respectively. Conversely. both Consumer Goods and Industrial Indices, the gainers, advanced by 0.68% and 0.37% on GUINNESS (+7.54%) and BUACEMENT (+0.96) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.78x from 1.17x. This was illustrated by the decline of 23 stocks led by IKEJAHOTEL (-9.68%) and LIVESTOCK (-9.50%) and the advance of 18 stocks, led by ACADEMY (+9.92%) and WEMABANK (+9.88%). Activity level was weakened as the total volume and value decreased by 46.91% and 66.89% respectively, as investors exchanged about 246.70mn units of shares worth over ₦2.32bn.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage compressed, the FGN-JUL-2030 bond paper closed flat while the yield on the FGN-MAR-2024 inched higher by 25bps. The FGN-APR-2023 and FGN-JAN-2026 bond papers compressed by 1bp and 9bps respectively.
Treasury bill yields for the 91 and 182-day paper closed flat at 3.25% and 3.52% respectively while the yield on the 364-day paper compressed by 18bps to close at 4.48%.
We expect market activity to be influenced by the liquidity levels
Market Snapshot
- Bullish Sentiment Persists but Flattish in the Local Bourse, NGX ASI Gains 1bp
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market in Red
- Positive Performance in African Stocks
