At the end of yesterday’s trading session, the Nigerian All Share Index closed positive, advancing by 0.35% to close at 53,270.88 points.
Yesterday’s performance was due to sustained buying pressures in bellwether stocks such as MTNN (+2.35%) and WAPCO (+0.74%) Consequently, the YTD return increased to 24.71% as market capitalisation improved by ₦99.42 billion to close at ₦28.72 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined, the Oil % Gas index closed flat while the Banking and Industrial indices, the gainers, rose by 0.29% and 0.04% on ZENITHBANK (+0.21%) and WAPCO (+2.35%) respectively. On the flip side, Both the insurance and consumer goods indices, the losers, fell by 0.37% and 0.26% on WAPIC (-4.76%) and CADBURY (-5.93%) respectively.
Investors’ sentiment weakened but positive as the market breadth decreased to 1.07x from 1.46x. This was illustrated by the advance of 16 stocks, led by GSPECPLC (+10.00%) and JAIZBANK (+7.95%) and the decline of 15 stocks, led by CUTIX (-10.00%) and CADBURY (-5.93%). Activity level was weakened as the total volume and value decreased by 68.95% and 69.16%, as investors exchanged about 234.62mn units of shares worth over 2.74bn.
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.
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage declined while the FGN-MAR-2024 and FGN-JUL-2030 bond paper yields inched higher by 13bps and 5bps respectively. The yields on the FGN-APR-2023 and FGN-JAN-2026 bond paper compressed by 3bps and 4bps respectively.
Treasury bill yield for the 364-day paper closed flat at 5.07% while the 182-day paper declined by 21bps to close at 3.89%. Conversely, the 91-day paper yield inched higher by 2bps to close at 3.24%.
We expect market activity to be influenced by the liquidity levels in the financial system
- Domestic Bourse Sustains Upward Trajectory, NGX ASI Up 35bps
- Mixed Sentiment across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude reports @ $120.28/barrel
- Positive Performance in African Stocks