The Nigerian All-Share Index closed negative, falling by 0.02% to close at 47,524.38 points. The performance was due to profit-taking in large-cap stocks such as GEREGU (-9.0%) and OANDO (-0.44%).
Consequently, the YTD return decreased to 11.26% as market capitalisation decreased by ₦4.10 billion to close at ₦25.89 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Industrial index closed flat. The Consumer Goods & Oil & Gas indices, the losers, fell by 0.07% each on CHAMPION (-3.33%) and OANDO (-0.44%) respectively. Conversely, The Banking and Insurance indices, the gainers, rose by 0.93% and 0.22% GTCO (+0.59%) and on MANSARD (6.67%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.30x from 0.50x. This was illustrated by the advance of 13 stocks, led by HONYFLOUR (+9.80%) and NEIMETH (+9.50%) and the decline of 10 stocks, led by UACN (-9.80%) and GEREGU (-9.00%). Activity level weakened as the total volume and value decreased by 44.23% and 42.83% respectively, as investors exchanged about 86.54mn units of shares worth over ₦2.09bn.
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.
There was quite outing across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on the FGN-MAR-2024 bond paper inched higher by 50bps. The yields on the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 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.
- Negative Performance Persists in the Domestic Bourse, NGX ASI Sheds 2bps
- Quite Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $94.18/barrel
- Negative Performance in African Stocks