At the end of yesterday’s trading session, the Nigerian All Share Index closed negative, declining by 0.29% to close at 52,944.09 points.
Yesterday’s performance was due to profit-taking in large-cap stocks such as MTNN (-0.61%) and FLOURMILL (-1.69%). Consequently, the YTD return decreased to 23.94% as market capitalisation decreased by ₦83.22 billion to close at ₦28.54trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Industrial index, the biggest loser, fell by 0.64% on WAPCO (-8.28%). The Consumer goods and Banking Indices, followed suit, falling by 0.62% and 0.24%, on FLOURMILL (-1.69%) and ZENITHBANK (-0.61%) respectively. Conversely, both the Insurance and Oil & Gas Indices, the gainers, rose by 2.41% and 0.60% on LINKASSURE (+6.67%) and OANDO (+4.33%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.30x from 1.00x. This was illustrated by the advance of 26 stocks, led by MCNICHOLS (+9.97%) and NNFM (+9.55%) and the decline of 20 stocks, led by CHAMPION (-9.84%) and GLAXOSMITH (-9.49%). Activity level was strengthened as the total volume and value increased by 23.29% and 38.85% respectively, as investors exchanged about 374.18mn units of shares worth over ₦4.96bn.
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, while the FGN-JAN-2026 and FGN-JUL-2030 bond paper closed flat. The FGN-APR-2023 and FGN-MAR-2024 bond papers compressed by 1bp and 2bps respectively.
Treasury bill yield for the 364-day bond papers compressed by 1bp to close at 4.86% while the 91 and 182-day papers closed flat at 2.99% and 3.61% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
Market Snapshot
- Local Bourse Starts the Week in Red, NGX ASI Dips 29bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in Green
- Mixed Performance in African Stocks
