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.
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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.
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 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
