The Nigerian All Share Index closed positive, rising by 0.09% to close at 49,695.12 points at the end of yesterday’s trading session.
The performance was due to bargain hunting in bellwether stocks such as FLOURMILL (+3.41%) and WAPCO (+1.84%). Consequently, the YTD return increased to 16.34% as market capitalisation rose by ₦23.12 billion to close at ₦26.80 trillion.
The sectoral performance strengthened significantly as four of the five indices under coverage advanced. The Banking index, the biggest gainer, rose by 0.87% on ACCESSCORP (+2.31%). The Insurance, Industrial and Consumer Goods indices, followed suit, rising by 0.44%, 0.15% and 0.06% on NEM (+7.62%), WAPCO (+1.84%) and FLOURMILL (+3.41%) respectively. Conversely, the Oil & Gas index, the only loser, fell by 0.16% on OANDO (-1.18%).
Investors’ sentiment weakened as the market breadth decreased to 0.63x from 2.22x. This was illustrated by the advance of 10 stocks, led by NEM (+7.62%) and CHAMS (+6.90%) and the decline of 16 stocks, led by HONYFLOUR (-10.00%) and LEARNAFRICA (-8.91%). Activity level stregthened as the total volume and value increased by 97.11% and 14.60% respectively, as investors exchanged about 319.09mn units of shares worth over ₦1.86bn.
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 quite outing across the bond yield curve as three of the four bond yields under coverage closed flat while the FGN-APR-2023 inched higher by 1bp. The FGN-MAR-2024, FGN-JAN-2026, and FGN-JUL-2030 bond yields closed flat.
The Treasury bill yields for the 91, 182, and 364-day paper closed flatat 11.52%, 6.49%, and 6.78% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Closes the Week in Green, NGX ASI Gains 9bps
- Quite Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Closes in Green
- Positive Performance in African Stocks
