At the end of yesterday’s trading session, the Nigerian All Share Index closed in positive territory, advancing by 0.50% to close at 51,962.85 points.
Yesterday’s performance was due to buying pressures in bellwether stocks such OKOMUOIL (+8.53%) and MTNN (+2.13%). Consequently, the YTD return increased to 21.65% as market capitalisation improved by ₦133.67 billion to close at ₦28.01 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage improved, one declined while the industrial index closed flat. The Insurance index, the biggest gainer, advanced by 1.50% on NEM (+4.40%). The Banking and Oil & Gas indices, followed suit, rising by 0.51% and 0.12% on STANBIC (+3.23%) and OANDO (+3.51%) respectively. The Consumer Goods index, the sole loser, declined by 0.56% on NB (-3.42%).
Investors’ sentiment was strengthened as the market breadth improved to 1.13x from 0.67x. This was illustrated by the advance of 18 stocks, led by ETI (+9.79%) and JOHNHOLT (+9.52%) and the decline of 16 stocks, led by PZ (-10.00%) and ETERNA (-9.33%). Activity level strengthened as the total volume and value increased by 70.75% and 41.82%, as investors exchanged about 266.51mn units of shares worth over ₦2.60bn.
There was bearish sentiment across the bond yield curve as three of the four bond yields under coverage inched higher while the FGN-MAR-2024 bond paper yield closed flat. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 bond papers advanced by 15bps, 5bps and 6bps respectively.
The Treasury bill yields for the 91 and 364-day-day paper closed flat at 3.48% and 6.09% respectively while the 182-day paper yield inched higher by 45bps to close at 6.13%.
We expect market activity to be influenced by the liquidity levels in the financial system
- Domestic Bourse Starts the Week in Green, NGX ASI Up 50bps
- Bearish Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $110.31/barrel
- Mixed Performance in African Stocks