The Domestic Bourse Closes the Week in Positive Territory, NGX ASI Up 19bps

By
Brand Spur
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The Nigerian All-Share Index declined, by 0.02% to close at 54,924.08 points. The performance was due to profit-taking in  bellwether stocks such as GTCO (-0.20%) and ACCESSCORP (-2.25%). Consequently, the YTD return decreased to 7.17% as market capitalisation decreased by ₦6.55 billion to close at 29.92 trillion.
Local Bourse Extend Losses

At the end of yesterday’s trading session, the Nigerian All Share Index closed the week bullish, extending its positive streak by 0.19% to close at 50,935.03 points.

 

Yesterday’s performance was supported by sustained buy pressures in large-cap stocks such as NB (+1.38%) and ZENITHBANK (+1.88%). Consequently, the YTD return increased to 19.24% as market capitalisation rose by ₦53.417 billion to close at  ₦27.46 trillion.

The sectoral performance totally strengthened as all the five indices under coverage advanced. The Consumer Goods index, the biggest gainer, rose by 1.39% on CADBURY (+9.72%). The Banking, Insurance, Oil & Gas, and Industrial Indices followed suit, rising by 1.34%, 0.98%, 0.79% and 0.13% on ZENITHBANK (+1.88%), CORNERST (+7.02%), ARDAVO (+0.73%) and WAPCO (+1.85%) respectively.

Investors’ sentiment strengthened as the market breadth increased to 3.07x from 1.48x. This was illustrated by the advance of 43 stocks, led by CAVERTON (+10.00%) and CHAMPION (+9.87%) and the decline of 14 stocks, led by LIVINGTRUST (-9.68%) and CWG (-6.25%). Activity level was mixed as the total volume increased by 0.80% while the total value declined by 38.08%, as investors exchanged about 466.28mn units of shares worth over ₦5.31bn.

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 papers under coverage declined. The FGN-APR-2023 and FGN-JAN-2026 bond papers closed flat while the yields on the FGN-MAR-2024 and FGN-JUL-2030 bond papers inched lower by 1bp and 12bps respectively.

Treasury bill yields for the 91, 182, and 364-day papers closed flat at 2.51%, 3.51%, and 4.47% respectively.

We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.

Market Snapshot

  • The Domestic Bourse Closes the Week in Positive Territory, NGX ASI Up 19bps
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Green
  • Mixed Performance in African Stocks