The Nigerian All Share Index closed positive, rising by 0.11% to close at 49,652.25 points at the end of yesterday’s trading session.
The performance was due to bargain hunting in bellweather stocks such as ARDOVA (+8.94%) and NGXGROUP (+1.01%). Consequently, the YTD return increased to 16.24% as market capitalisation rose by ₦28.33 billion to close at ₦26.78 trillion.
The sectoral performance strengthened significantly as four of the five indices under coverage advanced. The Banking index, the biggest gainer, rose by 1.07% on ETI (+0.91%). The Insurance, Oil & Gas and Industrial indices, followed suit, rising by 0.76%, 0.37% and 0.16% on AIICO (+3.70%), ARDOVA (+8.94%) and WAPCO (+1.88%) respectively. Conversely, the Consumer Goods index, the only loser, fell by 0.15% on VITAFOAM (-9.96%).
Investors’ sentiment strengthened as the market breadth increased to 2.22x from 1.00x. This was illustrated by the advance of 20 stocks, led by ETRANZACT (+9.76%) and ARDOVA (+8.94%) and the decline of 9 stocks, led by VITAFOAM (-9.96%) and MULTIVERSE (-9.92%). Activity level was mixed as the total volume increased by 25.53% while the total value declined by 2.50%, as investors exchanged about 161.88mn units of shares worth over ₦1.63bn.
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-APR-2023 and FGN-JAN-2026 bond yield closed flat. The yields on the FGN-MAR-2024 and FGN-JUL-2030 bond papers compressed by 1bp each.
The Treasury bill yields for the 91-day paper compressed by 1bp to close at 11.52% while the 182 and 364-day papers closed flat at 6.49% and 6.78% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Positive Performance Persists in the Local Bourse, NGX ASI Sheds 11bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Closes @ $88.92/barrel
- Positive Performance in African Stocks
