Domestic Bourse Reverses Yesterday`s Loss, NGX ASI up 199bps

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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 rebounded positively, advancing by 1.99% to close at 52,838.45 points.

Yesterday’s performance was due to buying interest in bellwether stocks such as OKOMUOIL (+10.00%) and MTNN (+9.21%). Consequently, the YTD return increased to 23.70% as market capitalisation rose by ₦556.92 billion to close at  ₦28.49trillion.

The sectoral performance totally strengthened as all the five indices under coverage advanced. The Consumer goods index, the biggest gainer, rose by 1.48% on FLOURMILL (+4.93%). The Industrial, Insurance, Oil & Gas and Banking Indices, followed suit, rising by 1.41%, 0.94%, 0.10% and 0.03% on DANGCEM (+2.60%), AIICO (+5.33%), ARDOVA (+1.09) and STANBIC (+2.34%) respectively.

Investors’ sentiment weakened but positive as the market breadth decreased to 1.59x from 2.77x. This was illustrated by the advance of 43 stocks, led by OKOMUOIL (+10.00%) and CWG (+10.00%) and the decline of 27 stocks, led by BUAFOODS (-10.00%) and IKEJAHOTEL (-10.00%). Activity level strengthened as the total volume and value increased by 25.90% and 45.58% respectively as investors exchanged about 417.39mn units of shares worth over ₦7.33bn.

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 a relatively quiet outing across the bond yield curve as three of the four bond papers under coverage closed flat while the yield on the FGN-MAR-2024 compressed by 1bp. The FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 bond paper yields closed flat.

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 

  • Domestic Bourse Reverses Yesterday`s Lose, NGX ASI up 199bps
  • Quiet Outing across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in Green
  • Positive Performance in African Stocks