At the end of yesterday’s trading session, the Nigerian All Share Index closed in green, rising by 0.16% to close at 49,709.46 points.
The performance was due to buying pressures in large-cap stocks such as BUACEMENT (+2.63%) and ZENITHBANK (+0.46%). Consequently, the YTD return increased to 16.37% as market capitalisation improved by ₦43.15 billion to close at ₦26.81 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Insurance index, the biggest loser, declined by 0.97% on WAPIC (-6.82%). The Oil & Gas and Consumer Goods indices followed suit, falling by 0.12% and 0.11% on ETERNA (-4.76%) and PZ (-9.27%). On the flip side, the Industrial and Banking indices, the gainers, improved by 0.96% and 0.31% on BUACEMENT (+2.63%) and ZENITHBANK (+0.46%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.45x from 0.71x. This was illustrated by the advance of 10 stocks, led by CUTIX (+7.50%) and LASACO (+5.88%) and the decline of 22 stocks, led by UPDCREIT (-9.86%) and PZ (-9.27%). Activity level weakened as the total volume and value declined by 3.17% and 25.02%, as investors exchanged about 204.16mn units of shares worth over ₦1.64bn.
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.
There was relatively quiet activity across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on the FGN-JUL-2030 increased by 9bps. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 bonds closed flat at 9.30%, 10.97% and 12.76% respectively.
The Treasury bill yields for the 91, 182 and 364-day papers closed flat at 3.94%, 10.51% and 6.81% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Rebounds as NGX ASI Gains 16bps
- Quiet Activity Level across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Mixed Performance in African Stocks