Flattish Performance In The Local Bourse, NGX ASI Remains Unchanged

By
Brand Spur
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The Nigerian All-Share Index declined, by 0.02% to close at 54,924.08 points. The performance was due to profit-taking in  bellwether stocks such as GTCO (-0.20%) and ACCESSCORP (-2.25%). Consequently, the YTD return decreased to 7.17% as market capitalisation decreased by ₦6.55 billion to close at 29.92 trillion.
Local Bourse Extend Losses

At the end of Yesterday’s trading session, the Nigerian All Share Index closed relatively flat at 51,802.48 points. Consequently, the YTD return remained unchanged at 21.27% as market capitalisation closed flat at ₦27.93 trillion.

The sectoral performance strengthened as three of the five indices under coverage improved, one declined while the Industrial index closed flat. The Insurance index, the biggest gainer, improved by 0.46% on ROYALEX (+7.29%). The Consumer Goods and Oil & Gas indices, followed suit, improving by 0.09%, and 0.07% on DANGSUGAR (+1.87%) and ETERNA (+4.41%) respectively. Conversely, the Banking index, the only loser, declined by 0.07% on ETI (-2.73%).

Investors’ sentiment strengthened as the market breadth increased to 1.21x from 0.53x. This was illustrated by the advance of 17 stocks, led by IKEJAHOTEL (+10.00%) and ROYALEX (+7.29%) and the decline of 14 stocks, led by UPL (-9.62%) and CHAMS (-8.00%). Activity level was mixed as the total volume improved by 32.38% while the total value declined by 73.08%, as investors exchanged about 416.47mn units of shares worth over ₦3.46bn.

We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

 Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage compressed while the FGN-JAN-2026 and FGN-JUL-2030 bond paper yields closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers declined by 26bps and 1bp respectively.

The Treasury bill yields for the 91 and 364-day paper closed flat at 3.47% and 6.09% respectively while the 182-day paper yield inched up by 11bps to close at 6.16%.

We expect market activity to be influenced by the liquidity levels in the financial system

 MARKET SNAPSHOT

  • Flattish Performance in the Local Bourse, NGX ASI Remains Unchanged
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Red
  • Mixed Performance in African Stocks