At the end of yesterday’s trading session, the Nigerian All Share Index closed positive, rising by 1.42% to close at 50,370.25 points.
Yesterday’s performance was due to buying interests in high-value stocks such as ZENITHBANK (+9.52%) and WAPCO (+3.54%). Consequently, the YTD return increased to 17.92% with market capitalization improving by ₦379.16billion to close at ₦27.16 trillion.
The sectoral performance strengthened as all the five indices under coverage improved. The Banking index, the biggest gainer, improved by 6.60% on ZENITHBANK (+9.52%), while the Insurance, Industrial, Consumer goods and Oil & Gas indices, followed suit, advancing by 0.91%, 0.24%, 0.20% and 0.06% on AIICO (+5.56%), WAPCO (+3.54%), INTBREW (+9.18%) and OANDO (+1.01%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.92x from 0.36x. This was illustrated by the advance of 25 stocks, led by UBN (+10.00%) and MULTIVERSE (+9.94%) and the decline of 13 stocks, led by PZ (-9.57%) and CAVERTON (-9.09%). Activity level was mixed as the total volume improved by 23.55% while the total value declined by 28.29%, as investors exchanged about 254.77mn units of shares worth over ₦2.81bn.
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.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed higher, the yield on the FGN-MAR-2024 compressed by 1bp while the yield on FGN-JAN-2026 closed flat. The yields on the FGN-APR-2023 and FGN-JUL-2030 bond papers advanced by 19bps and 11bps respectively.
The Treasury bill yields for the 91 and 182-day papers closed flat at 6.09% and 7.79% respectively while the 364-day paper increased by 47bps to close at 6.36%.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Local Bourse Closes the Week in Green, NGX ASI Gains 142bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Green
- Positive Performance in African Stocks
