At the end of yesterday’s trading session, the Nigerian All-Share Index closed in the green, rising by 0.39% to close at 49,218.35 points.
The performance was due to buying pressures in bellwether stocks such as BUACEMENT (+5.43%) and ZENITHBANK (+0.25%). Consequently, the YTD return increased to 15.22% as market capitalisation improved by ₦87.76 billion to close at ₦26.53 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Insurance index, the biggest loser, declined by 2.61% on NEM (-8.91%). The Oil & Gas and Consumer Goods indices followed suit, falling by 0.34% and 0.11% on OANDO (-2.04%) and GUINNESS (-8.61%) respectively. On the flip side, the Industrial and Banking indices, the gainers, improved by BUACEMENT (+5.43%) and GTCO (+1.89%) respectively.
Investors’ sentiment strengthened but negative as the market breadth increased to 0.71x from 0.50x. This was illustrated by the advance of 12 stocks, led by MULTIVERSE (+9.93%) and FCMB (+8.02%) and the decline of 17 stocks, led by ACADEMY (-10.00%) and NEM (-8.91%). Activity level weakened as the total volume and value declined by 29.49% and 73.22% as investors exchanged about 119.28mn units of shares worth over ₦0.86bn
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 mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed lower while the FGN-JAN-2026 and FGN-JUL-2030 closed flat at 13.20% and 12.81% respectively. The yields on the FGN-APR-2023 and FGN-MAR-2024 compressed by 10bps and 1bps respectively.
The Treasury bill yields for the 91 and 364-day papers compressed by 1bp and 1bp to close at 11.46%% and 6.75% respectively while the yield on the 182-day paper closed flat at 5.51%.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Local Bourse Starts the Week Positive, NGX ASI Gains 39bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $86.14/barrel
- Mixed Performance in African Stocks
