At the end of yesterday’s trading session, the Nigerian All Share Index closed in positive territory, advancing by 1.05% to close at 53,275.49 points.
Yesterday’s performance was due to buy pressures in large-cap stocks such as MTNN (+5.68%) and BETAGLAS (+9.74%). Consequently, the YTD return decreased to 24.72% as market capitalisation decreased by ₦298.75 billion to close at ₦28.72trillion.
The sectoral performance weakened as four of the five indices under coverage declined. The Insurance index, the biggest loser, fell by 1.33% on MANSARD (-4.35%). The Oil & Gas, Banking and Consumer Goods Indices, followed suit, falling by 0.79%, 0.76% and 0.23% on ARDOVA (-4.00%), ZENITHBANK (-0.41%) and UNILEVER (-1.33%) respectively. Conversely, the Industrial Index, the sole gainer, rose by 0.14% on BETAGLAS (+9.74%).
Investors’ sentiment weakened but remained negative as the market breadth decreased to 0.75x from 0.87x. This was illustrated by the decline of 28 stocks, led by CONOIL (-10.00%) and ETERNA (-9.59%) and the advance of 21 stocks, led by TRANSCOHOT (+9.89%) and BETAGLAS (+9.74%). Activity level was mixed as the total volume decreased by 55.14% while the total value increased by 13.75%, as investors exchanged about 274.56mn units of shares worth over ₦8.45bn.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage contracted, the FGN-APR-2023 and FGN-JAN-2026 bond papers closed flat. The FGN-MAR-2024 and FGN-JUL-2030 bond papers contracted by 1bp and 4bps 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
- Positive Performance Returns in the Local Bourse, NGX ASI Gains 105bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports at 108.59
- Mixed Performance in African Stocks
