The Nigerian All-Share Index closed positive, rising by 0.46% to close at 49,934.60 points. The performance was due to buy-interest in large-cap stocks such as GEREGU (+9.96%) and NESTLE (+2.04%). Consequently, the YTD return increased to 16.90% as market capitalization increased by ₦124.47 billion to close at ₦27.20 trillion.
The sectoral performance broadly stregthened as three of the five indices under coverage advanced while the Oil & Gas and Industrial Indices closed flat. The Baanking index, the biggest gainer, rose by 1.38% on GTCO (+3.79%). The Insurance, and Consumer Goods indices, followed suit, rising by 1.37%, and 1.07% on AIICO (+1.82%), and NESTLE (+2.04%) respectively.
Investors’ sentiment stregthened as the market breadth increased to 4.50x from 3.00x. This was illustrated by the appreciation of 27 stocks, led by CHAMPION (+10.00%) and CORNERST (+10.00%) and the decline of 6 stocks, led by RTBRISCOE (-7.41%) and MCNICHOLS (-3.70%). Activity level was mixed as the total volume increased by 255.30% and while total value decreased by 3.37%, as investors exchanged about 498.73mn units of shares worth over ₦3.88bn.
There was mixed sentiments across the bond yield curve as two of the bonds under our coverage closed flat while the FGN-APR-2023 bond paper claimed higher by 2bps. The FGN-MAR-2024 bond papers compressed by 2bps.
The yields for the 182 and 364-day papers remained compressed by 1bp each to close at 5.57% and 8.56% respectively, while the yields for the 91-day paper closed flat at 4.23%.
We expect market activity to be influenced by the liquidity levels in the financial system.