Positive Performance Sustained In Local Bourse

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Positive Performance Sustained In Local Bourse
Domestic Bourse Starts The Week In Red

The Nigerian All-Share Index closed in green, rising by 0.73% to close at 44,788.14 points.

The performance was due to bargain hunting in large cap stocks such as  BUACEMENT (+10.00%) and WAPCO (+1.33%). Consequently, the YTD return increased to 4.85% as market capitalisation increased by ₦177.84 billion to close at ₦24.39 trillion.

The sectoral performance marginaly weakened as three of the five indices under coverage declined. The Insurance index, the biggest loser, fell by 0.24% on CORNEST (-5.88%). The Oil & Gas,  and Consumer Goods indices, followed suit, falling by 0.18% and 0.09% on OANDO (-1.15%), and UNILEVER (-2.78%) respectively. Conversely, the Industrial and Banking indices, the gainers, rose by 4.01% and 0.49% on BUACEMENT (+10.00%) and STERLNBANK (+2.63%) respectively.

Investors’ sentiment weakened but remained negative as the market breadth decreased to 0.47x from 0.50x. This was illustrated by the decline of 19 stocks, led by ROYALEX (-9.64%) and MULTIVERSE (-8.50%) and the advance of 9 stocks, led by BUACEMENT (+10.00%) and SUNUASSUR (+9.37%). Activity level stregnthened as the total volume and value improved by 529.35% and 355.78%, as investors exchanged about 455.21mn units of shares worth over ₦9.88bn.

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 flat while the FGN-APR-2023 compressed by 2bps. The yields on the FGN-JAN-2026 bond papers inched higher by 4bps.

The yields for the 91-day paper advanced by 719bps to close at 13.24% while the 182 and 364-day paper remain unchanged at 9.83% and 12.81% respectively.

We expect market activity to be influenced by the liquidity levels in the financial system.

  • Positive Performance Sustained in the Local Bourse, NGX ASI Gains 73bps
  • Mixed Sentiments across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities market Closes in Green
  • Positive Performance in African Stocks