The Nigerian All-Share Index closed positive, rising by 0.09% to close at 47,569.04 points. The performance was due to bargain hunting in bellwether stocks such as GTCO (+5.60%) and ZENITHBANK (+2.30%).
Consequently, the YTD return increased to 11.36% as market capitalisation increased by ₦24.33 billion to close at ₦25.91 trillion.
The sectoral performance was mixed as two of the five indices under coverage improved while the Industrial and Oil & Gas indices closed flat. The Insurance and Banking indices, the gainers, rose by 1.80% and 0.65% on AIICO (+3.64%) and GTCO (+5.60%) respectively. Conversely, The Consumer Goods index, the only loser, fell by 0.52% on NB (-4.03%).
Investors’ sentiment strengthened as the market breadth increased to 1.75x from 1.30x. This was illustrated by the advance of 14 stocks, led by HONYFLOUR (+9.80%) and WAPIC (+9.50%) and the decline of 8 stocks, led by UACN (-9.80%) and GEREGU (-9.00%). Activity level strengthened as the total volume and value increased by 43.79% and 104.48% respectively, as investors exchanged about 124.44mn units of shares worth over ₦4.27bn.
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 sentiments across the bond yield curve as two of the four bond yields under coverage closed flat. The yields on the FGN-MAR-2024 bond paper compressed by 15bps and the FGN-JUL-2030 bond paper inched higher by 42bps while the yields on the FGN-APR-2023 and FGN-JAN-2026 remain unchanged.
There was muted activity in the NT-bills market as the yields for the 91, 182 and 364-day paper closed flat at 6.06%, 7.23% and 9.00% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
• Domestic Bourse Closes the Week in Positive Territory, NGX ASI Gains 9bps
• Mixed Sentiments across the Bond Yield Curve
• Positive Performance in Global Stocks
• Commodities Market Closes in Green
• Positive Performance in African Stocks
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