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.
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 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
