Domestic Bourse Rebounds From The Previous Loss

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Domestic Bourse Rebounds As NGX ASI Gains 16bps
Domestic Bourse Rebounds As NGX ASI Gains 16bps

The Nigerian All Share Index closed positive, improving by 1.35% to close at 50,626.04 points at the end of today’s trading session.

The performance was due to buying pressures in large-cap stocks such as NESTLE (+2.99%) and MTNN (+7.45%). Consequently, the YTD return increased to 18.52% as market capitalisation improved by ₦364.39 billion to close at ₦27.30 trillion.

The sectoral performance strengthened as three of the five indices under coverage improved, the Insurance index declined by 0.04% on WAPIC (-9.46%) while the Oil & Gas index closed flat. The Consumer goods index, the biggest gainer, improved by 1.14% on NESTLE (+2.99%). The Banking and Industrial indices, followed suit, improving by 0.63% and 0.02% on ZENITHBANK (+1.90%) and WAPCO (+0.21%) respectively.

Investors’ sentiment strengthened as the market breadth increased to 2.11x from 1.00x. This was illustrated by the advance of 19 stocks, led by HONYFLOUR (+9.66%) and JAIZBANK (+9.46%) and the decline of 9 stocks, led by MCNICHOLS (-9.76%) and WAPIC (-9.76%). Activity level was mixed as the total volume declined by 26.63% while the total value improved by 25.99%, as investors exchanged about 129.17mn units of shares worth over ₦2.86bn.

Domestic Bourse Rebounds From The Previous Loss - Brand Spur

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.

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Fixed Income

There was bearish sentiment across the bond yield curve as three of the four bond yields under coverage closed higher while the yield on the FGN-MAR-2024 compressed by 1bp. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 bonds increased by 1bp, 6bps and 5bps respectively.

The Treasury bill yields for the 91 and 182-day papers closed flat at 6.09% and 7.78% respectively while the 364-day paper compressed by 1bp to 6.82%.

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

MARKET SNAPSHOT

  • Domestic Bourse Rebounds from the Previous Loss, NGX ASI Up 135bps
  • Bearish Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Green
  • Positive Performance in African Stocks