At the end of yesterday’s trading session, the Nigerian All Share Index closed in positive territory, advancing by 0.34% to close at 53,098.46 points.
yesterday’s performance was due to buying interest in bellwether stocks such as SEPLAT (+8.33%) and FLOURMILL (+9.22%). Consequently, the YTD return increased to 24.30% as market capitalisation rose by ₦97.42 billion to close at ₦28.63trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Insurance index, the biggest loser, fell by 1.31% on NEM (-4.59%). The Consumer goods and Industrial Indices, followed suit, falling by 0.49% and 0.07%, on PZ (-1.69%) and WAPCO (-1.10%) respectively. Conversely, both the Oil & Gas and Banking Indices, the gainers, rose by 4.84% and 1.22% on SEPLAT (+8.33%) and ZENITHBANK (+2.08%) respectively.
Investors’ sentiment weakened but flattish as the market breadth decreased to 1.00x from 1.39x. This was illustrated by the advance of 28 stocks, led by NNFM (+9.94%) and MCNICHOLS (+9.84%) and the decline of 28 stocks, led by CHAMPION (-9.90%) and INTBREW (-9.74%). Activity level was weakened as the total volume and value decreased by 28.76% and 37.25% respectively, as investors exchanged about 303.49mn units of shares worth over ₦3.57bn.
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 yields under coverage compressed, the FGN-JUL-2030 bond paper closed flat while the yield on the FGN-APR-2023 bond paper increased by 31bps. The FGN-MAR-2024 and FGN-JAN-2026 bond papers compressed by 1bp and 15bps respectively.
Treasury bill yields for the 91, 182, and 364-day papers inched higher by 48bps, 10bps and 40bps to close at 2.99%, 3.61%, and 4.87% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
Market Snapshot
- Local Bourse Closes the Week in Green, NGX ASI gains 34bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Mixed Performance in African Stocks
