The Nigerian All-Share Index closed positive, rising by 0.12% to close at 51,657.56 points. The performance was due to buy-interest in large-cap stocks such as GTCO (+1.08%) and NGXGROUP (+0.60%). Consequently, the YTD return increased to 0.79% as market capitalisation increased by ₦33.71 billion to close at ₦28.14 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage advanced while the Oil & Gas index closed flat. The Consumer Goods index, the biggest gainer, rose by 2.09% on NB (+10.00%). The Insurance and Banking indices, followed suit, rising by 0.93% and 0.51% on MANSARD (+5.00%), and GTCO (+1.08%) respectively. Conversely, the Industrial index, the only loser, fell by 0.77 on (-1.79%).
Investors’ sentiment weakened but remained positive as the market breadth decreased to 1.91x from 2.18x. This was illustrated by the decline of 11 stocks, led by CHAMPION (-10.00%) and UNITYBNK (-6.78%) and the appreciation of 21 stocks, led by LIVINGTRUST (+10.00%) and NAHCO (+10.00%). Activity level was mixed as the total volume decreased by 17.39%%, while total value increased by 211.02%, as investors exchanged about 265.73mn units of shares worth over ₦13.53bn.
We expect buy-interest to persist as the equities market presents decent opportunities amid declining yields in the fixed-income market.
Fixed Income
There was mixed sentiments across the bond yield curve as two of the bonds under our coverage compressed while the FGN-JAN-2026 and FGN-JUL-2030 closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers compressed by 59bps, and 87bps respectively.
The yields for the 182 and 364-day papers compressed by 224bps and 1bp to close at 3.33% and 8.54% respectively, while the yields for the 91-day paper remain unchanged at 3.17%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse Sustains Bullish Run, NGX ASI Gains 12bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @$78.31/barrel
- Positive Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market
