At the end of yesterday’s trading session, the Nigerian All Share Index closed in green, advancing by 1.06% to close at 53,151.32 points.
Yesterday’s performance was due to buying pressures in bellwether stocks such as MTNN (+4.35%) and GUINNESS (+5.10%). Consequently, the YTD return increased to 24.43% as market capitalisation increased by ₦301.86 billion to close at ₦28.65 trillion.
The sectoral performance strengthened as four of the five indices under coverage advanced. The Banking index, the biggest gainer, rose by 1.22% on ZENITHBANK (+1.06%). The Consumer Goods, Industrial and Insurance Indices, followed suit, rising by 0.93%, 0.42%, and 0.42% on GUINNESS (+5.10%), WAPCO (+6.23%) and LINKASSURE (+9.09%) respectively. The Oil & Gas index, the sole loser, declined by 0.30% on OANDO (-2.24%).
Investors’ sentiment strengthened as the market breadth increased to 2.45x from 0.24x. This was illustrated by the advance of 27 stocks, led by IMG (+10.00%) and CHAMPION (+9.94%) and the decline of 11 stocks, led by NPFMCRFBK (-9.90%) and UACN (-9.69%). Activity level was mixed as the total volume decreased by 30.40% while the total value increased by 20.81%, as investors exchanged about 266.18mn units of shares worth over ₦5.16bn.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage inched higher, the FGN-JUL-2030 bond paper closed flat while the yield on the FGN-MAR-2024 compressed by 1bp. The FGN-APR-2023 and FGN-JAN-2026 bond paper yields climbed up by 4bps and 52bps respectively.
Treasury bill yield for the 364-day paper closed flat at 4.92% while the 182-day paper inched higher by 99bps to close at 4.60%. Conversely, the yield on the 91-day paper yield, contracted by 27bps to close at 2.72%.
We expect market activity to be influenced by the liquidity levels in the financial system
Market Snapshot
- Bullish Sentiment Persists in the Domestic Bourse, NGX ASI Gains 106bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports at $113.98/barrel
- Positive Sentiment in African Stocks
