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

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

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.

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

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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