At the end of today’s trading session, the Nigerian All-Share Index closed positive, increasing by 0.24% to close at 48,270.23 points.
The performance was due to buy-interest in bellwether stocks such as BUACEMENT (+3.90%) and PRESCO (+6.64%). Consequently, the YTD return increased to 13.00% as market capitalisation increased by ₦63.00 billion to close at ₦26.29 trillion.
The sectoral performance broadly stregthened as four of the five indices under coverage increased. The Industrial index, the biggest gainer, rose by 1.66% on BUACEMENT (+3.90%). The Insurance and Consumer Goods indices, followed suit, rose by 1.05% and 0.63% on MANSARD (+5.26%) and NB (+2.22%) respectively. Conversely, the Banking index, the only loser, fell by 1.29% on ZENITHBANK (-2.42%).
Investors’ sentiment weakened as the market breadth decreased to 1.19x from 1.64x. This was illustrated by the appreciation of 19 stocks, led by GUINNESS (+10.00%) and ETERNA (+8.78%) and the depreciation of 16 stocks, led by GEREGU (-9.85%) and SCOA (-9.43%). Activity level was mixed as the total volume increased by 303.57% while total value decreased by 16.95%, as investors exchanged about 645.03mn units of shares worth over ₦4.19bn.
We expect profit-taking to return in the next trading session given that investors’ appetite for locking-in gains from previous trading sessions persists.
Fixed Income
There was mixed sentiments across the bond yields curve as two of the bonds under our coverage closed higher while the yield on the FGN-JUL-2030 bond paper closed flat. The yields on FGN-APR-2023, and FGN-JAN-2026 bond papers inched higher. The yields on the FGN-MAR-2024 compressed.
The yields for the 91, 182 and 364-day papers compressed by 1bp, 1bp and 2bps to close at 10.46%, 9.94% and 14.11% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Begins the Week in Positive Territory, NGX ASI Gains 24bps
- Mixed Sentiments across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in the Red
- Positive Performance in African Stocks
- Naira Appreciates in the Parallel Market
