The Nigerian All-Share Index closed in positive territory, rising by 0.16% to close at 44,859.78 points.
The performance was due to bargain hunting in bellwether stocks such as BUACEMENT (+2.64%) and GEREGU (+5.45%). Hence, the YTD return increased to 5.02% as market capitalisation increased by ₦39.02 billion to close at ₦24.43 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage improved. The Industrial index, the biggest gainer, rose by 1.14% on BUACEMENT (+2.64%). The Insurance, and Oil & Gas indices, followed suit, increasing by 0.92% and 0.32% on AIICO (+5.45%), and OANDO (+2.33%) respectively. Conversely, the Banking and Consumer goods indices, the losers, fell by 0.93% and 0.39% on GTCO (-0.55%) and NB (-0.24%) respectively.
Investors’ sentiment strengthened but remained negative as the market breadth increased to 0.63x from 0.47x. This was illustrated by the decline of 19 stocks, led by CUTIX (-6.51%) and JAIZBANK (-6.19%) and the advance of 12 stocks, led by MULTIVERSE (+10.00%) and RTBRISCOE (+10.00%). Activity level was mixed as the total volume declined by 41.26% while the total value increased by 23.98%, as investors exchanged about 93.52mn units of shares worth over ₦3.38bn.
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.
There was quiet outing across the bond yield curve as three of the four bond yields under coverage closed flat while the FGN-APR-2023 compressed by 2bps. The yields on the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers remained unchanged.
The yields for the 91and 182-day paper closed flat at 13.24% and 9.83% while the 364-day paper inched higher by 188bps to close at 14.69% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Sustained bargain Hunting Drives the Local Bourse Upward, NGX ASI Gains 16bps
- Quiet Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities market Closes in Green
- Positive Performance in African Stocks