At the end of yesterday’s trading session, the Nigerian All Share Index closed positive, improving 0.13% to close at 52,908.24 points.
Yestersday’s performance was due to buying pressures in bellwether stocks such as NB (+7.06%) and ZENITHBANK (+1.96%) Consequently, the YTD return increased to 23.86% as market capitalisation improved by ₦49.85 billion to close at ₦28.52 trillion.
The sectoral performance significantly strengthened as four of the five indices under coverage improved while the Industrial index, the sole loser, declined by 0.03% on WAPCO (-0.18%). The Insurance index, the biggest gainer, rose by 9.95% on NEM (+9.95%). The Banking, Consumer goods and Oil & Gas indices followed suit, improving by 0.95%, 0.57% and 0.53% on ZENITHBANK (+1.93%), NEM (+9.95%) and ETERNA (+6.65%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.38x from 0.52x. This was illustrated by the advance of 22 stocks, led by NEM (+9.95%) and CHAMS (+9.09%) and the advance of 16 stocks, led by UPDCREIT (-9.33%) and WAPIC (-4.55%). Activity level was mixed as the total volume increased by 3.11% while the total value declined by 16.34%, as investors exchanged about 282.97mn units of shares worth over 3.37bn.
We expect negative sentiment to persist on the back of profit-taking activities on stocks that have significantly appreciated.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat, the yield on the FGN-MAR-2024 compressed by 1bp while the FGN-JAN-2026 bond yield inched up 8bps The yields on the FGN-APR-2023 and FGN-JUL-2030 bond paper closed flat at 5.03% and 11.30% respectively.
Treasury bill yields for the 91, 182 and 364-day closed flat at 3.22%, 4.29% and 5.07%.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Local Bourse Closes the Week in Green after a 4-Day Losing Streak, NGX ASI Up 13bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude reports @ $119.37/barrel
- Mixed Sentiment in African Stocks
