At the end of yesterdady trading session, the Nigerian All-Share Index closed positive, increasing by 2.04% to close at 47,554.34 points.
The performance was due to buy-interest in large-cap stocks such as AIRTELAFRI (+7.41%) and MTNN (+5.00%). Consequently, the YTD return increased to 11.33% as market capitalisation increased by ₦517.11 billion to close at ₦25.90 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage advanced while the Oil & Gas index closed flat. The Insurance index, the biggest gainer, rose by 1.10% on CORNEST (+6.25%). The Banking and Industrial Indices, followed suit, increasing by 0.25%, and 0.25% on ACCESSCORP (+1.18%), and WAPCO (+4.50%) respectively. Conversely, the Consumer Goods index, the only loser, decreased by 2.37% on NESTLE (-10.00%).
Investors’ sentiment stregnthened as the market breadth increased to 2.25x from 0.84x. This was illustrated by the advance of 18 stocks, led by REDSTAREX (+9.66%) and REGALINS (+8.70%) and the decline of 8 stocks, led by NESTLE (-10.00%) and CAPHOTEL (-10.00%). Activity level was mixed as the total volume decreased by 28.59% and value increased by 154.41%, as investors exchanged about 98.98mn units of shares worth over ₦5.52bn.
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 quite outing across the bond yields curve as all of the bonds under our coverage closed flat. The yields on FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026, and FGN-JUL-2030 bond papers remained unchanged.
The yields for the 91 and 364-day papers compressed by 1bp each to close at 10.49% and 15.41% respectively while the yield on the 182-day paper closed flat at 9.97%.
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 204bps
- Quite Outing across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @$85.42/barrel
- Positive Performance in African Stocks
- Naira appreciates in the parallel market
