Domestic Bourse Extends Positive Trajectory, NGX ASI up 15bps

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Local Bourse Closes the Week in Red, NGX ASI Sheds 55bps
Local Bourse Closes the Week in Red, NGX ASI Sheds 55bps

At the end of yesterday’s trading session, the Nigerian All Share Index closed in green, advancing by 0.15% to close at 52,917.76 points.

Yesterday’s performance was due to buying interest in bellwether stocks such as OKOMUOIL (+4.52%) and WAPCO (+9.86%). Consequently, the YTD return increased to 23.88% as market capitalisation rose by ₦42.75 billion to close at  ₦28.53trillion.

The sectoral performance marginally strengthened as three of the five indices under coverage advanced. The Consumer Goods index, the biggest gainer, rose by 1.37% on FLOURMILL (+4.83%). The Industrial and Oil & Gas Indices, followed suit, rising by 0.71% and 0.46%, on  WAPCO (+9.86%) and ARDOVA (+8.96%) respectively. Conversely, the Insurance and Banking Indices, the losers, fell by 2.36% and 0.86% on LINKASSURE (-8.70%) and ZENITHBANK (-1.23%) respectively.

READ ALSO: Positive Performance Persists in the Local Bourse 

Investors’ sentiment weakened but positive as the market breadth decreased to 1.39x from 1.59x. This was illustrated by the advance of 32 stocks, led by FIDSON (+9.95%) and ETERNA (+9.94%) and the decline of 23 stocks, led by ACADEMY (-9.73%) and CHIPLC (-9.68%). Activity level was mixed as the total volume increased by 2.07% while the total value decreased by 22.28% as investors exchanged about 426.02mn units of shares worth over ₦5.70bn.

Domestic Bourse Extends Positive Trajectory, NGX ASI up 15bps - 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.

Read Also:  Domestic Bourse Starts The Week In Red

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 Extends Positive Trajectory, NGX ASI up 15bps
  • Quiet Outing across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Red
  • Negative Performance in African Stocks