At the end of Yesterday’s trading session, the Nigerian All Share Index closed negative, declining by 0.55% to close at 52,979.96 points.
Yesterday’s performance was due to profit-taking in bellwether stocks such as MTNN (-7.78%) and ZENITHBANK (-0.82%). Consequently, the YTD return decreased to 24.03% as market capitalisation decreased by ₦159.32 billion to close at ₦28.56trillion.
The sectoral performance totally strengthened as all the five indices under coverage improved. The Insurance index, the biggest gainer, rose by 1.95% on NEM (+9.75%). The Oil & Gas, Consumer Goods, Banking and Industrial Indices, followed suit, rising by 0.62%, 0.12%, 0.04% and 0.03% on ARDOVA (+4.17%), INTBREW (+2.50%), ETI (+0.42) and WAPCO (+0.17%) respectively.
Investors’ sentiment strenghthened as the market breadth increased to 1.08x from 0.75x. This was illustrated by the advance of 27 stocks, led by NEIMETH (+10.00%) and CONOIL (+9.88%) and the decline of 25 stocks, led by LEARNAFRCA (-10.00%) and GSPECPLC (-9.79%). Activity level was mixed as the total volume increased by 59.01% while the total value decreased by 61.85%, as investors exchanged about 436.57mn units of shares worth over ₦3.22bn.
We expect positive sentiment to return 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 declined while the FGN-APR-2023 and FGN-JAN-2026 bond paper closed flat. The FGN-MAR-2024 and FGN-JUL-2030 bond papers contracted by 1bp and 6bps respectively.
Treasury bill yields for the 91, 182 and 364-day bond papers closed flat at 2.99%, 3.61% and 4.86% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
Market Snapshot
- Local Bourse Closes the Week Bearish, NGX ASI Sheds 55bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports at $112.22/Barrel
- Mixed Performance in African Stocks
