The Nigerian All-Share Index closed in green, rising by 0.15% to close at 44,396.73 points.
The performance was due to bargain hunting in large-cap stocks such as GTCO (+0.27%) and BUACEMENT (+1.65%). Consequently, the YTD return increased to 3.93% as market capitalisation increased by ₦35.14 billion to close at ₦24.18 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Oil & Gas index closed flat. The Insurance and Banking indices, the losers, fell by 3.58% and 0.35% on NEM (-9.98%) and ZENITH BANK (-0.74%), respectively. Conversely, the Industrial and Consumer Goods indices, the gainers, rose by 0.77% and 0.15% on BUACEMENT (+1.64%) and NB (+0.24%), respectively.
Investors’ sentiment weakened as the market breadth decreased to 1.07x from 1.13x. This was illustrated by the advance of 15 stocks, led by NEM (-9.98%) and MORISON (-9.59%) and the advance of 16 stocks, led by ACADEMY (+9.77%) and STERNBANK (+3.95%). Activity level weakened as the total volume and value decreased by 20.16% and 41.14%, respectively, as investors exchanged about 95.18mn units of shares worth over ₦1.88bn.
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 mixed sentiments across the bond yield curve as two of the four bond yields under coverage closed lower. The yields on the FGN-APR-2023 and FGN-JUL-2030 bond papers compressed by 3bps and 7bps, respectively, while the FGN-MAR-2024 and FGN-JAN-2026 bond papers remained unchanged.
The 91, 182, and 364-day paper yields closed flat at 6.05%, 9.84%, and 15.42%, 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 15bps
- Mixed Sentiments across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Commodities Market Closes in Green
- Negative Performance in African Stocks
