At the end of yesterday’s trading session, the Nigerian All Share Index closed in the green, rising by 0.01% to close at 49,445.31 points.
The performance was due to selloffs in bellwether stocks such as FBNH (+5.00%) and ZENITHBANK (+0.25%). Consequently, the YTD return increased to 15.75% as market capitalisation rose by ₦3.22 billion to close at ₦26.67 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Oil & Gas index, the biggest loser, declined by 2.30% on TOTAL (-9.98%). The Consumer Goods and Industrial indices followed suit, falling by 0.05% and 0.01% on HONYFLOUR (-8.13%) and CUTIX (-6.98%) respectively. Conversely, the Banking and Insurance indices, the gainers, rose by 0.22% and 0.15% on FBNH (+5.00%) and LINKASSURE (+4.35%) respectively.
Investors’ sentiment weakened as the market breadth declined to 0.79x from 1.10x. This was illustrated by the advance of 11 stocks, led by RTBRISCOE (+10.00%) and FBNH (+5.00%) and the decline of 14 stocks, led by TOTAL (-9.98%) and LEARNAFRCA (-9.71%). Activity level strengthened as the total volume and value improved by 119.07% and 61.72% as investors exchanged about 147.59mn units of shares worth over ₦2.39bn.
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 quiet outing across the bond yield curve as all four bond yields under coverage closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 remained unchanged at 6.14%, 11.03%, 12.77% and 12.81% respectively.
The Treasury bill yields for the 91, 182 and 364-day papers closed flat at 11.48%, 5.52% and 6.76% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Marginal Positive Performance in the Local Bourse, NGX ASI Gains 1bp
- Quiet Activity across the Bond Yield Curve
- Negative Performance in Global Stocks
- Negative Performance in the Commodities Market
- Positive Performance in African Stocks
