At the end of yesterday’s trading session, the Nigerian All-Share Index closed in green, inching up by 0.06% to close at 43,968.75 points.
The performance was due to bargain hunting in large-cap stocks such as ZENITHBANK (+0.25%) and GEREGU (+6.90%). Hence, the YTD return increased to 2.93% as market capitalisation increased by ₦14.13 billion to close at ₦23.95 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Oil & Gas and Industrial indices closed flat. The Consumer Goods and Banking indices, the losers, declined by 0.51% and 0.19% on NB (-0.27%) and GTCO (-0.28%) respectively. Conversely, the Insurance index, the only gainer, increased by 2.02% on AIICO (+1.82%).
Investors’ sentiment strengthened as the market breadth increased to 2.29x from 0.94x. This was illustrated by the advance of 16 stocks, led by CORNERST (+10.00%) and UNITYBNK (+9.62%) and the decline of 7 stocks, led by FLOURMILL (-9.09%) and PZ (+7.03%). Activity level weakened as the total volume and value decreased by 48.22% and 30.05%, as investors exchanged about 209.71mn units of shares worth over ₦2.17bn.
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 quiet outing across the bond yields curve as three of the bonds under our coverage closed flat while the FGN-JAN-2026 bond paper compressed by 5bps. The yields on FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 bond papers closed flat.
The yields for the 91-day paper compressed by 1bp to close at 11.86%, while the 364-day paper inched higher by 23bps to close at 15.51%. The yield on the 182-day paper remained unchanged at 8.36%.
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 6bps
- Quiet Outing across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @ $96.04/barrel
- Mixed Performance in African Stocks
