Domestic Bourse Begins Week In Positive Territory

Positive Performance Returns In Local Bourse
Positive Performance Returns In Local Bourse

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.

Domestic Bourse Begins Week In Positive Territory - Brand Spur

We expect profit-taking to return in the next trading session given that investors’ appetite for locking-in gains from previous trading sessions persists.

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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