The Nigerian All-Share Index closed in green, rising by 0.55% to close at 51,729.87 points. The performance was due to buy-interest in large-cap stocks such as BUACEMENT (+3.59%) and GTCO (+1.48%). Consequently, the YTD return increased to 0.93% as market capitalisation increased by ₦154.29 billion to close at ₦28.18 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage advanced while the Oil & Gas indices closed flat. The Industrial index, led the gainers, rising by 1.50% on BUACEMENT (+3.59%). Conversely, the Banking and Consumer Goods indices, followed suit, rising by 1.05% and 0.15% on GTCO (+1.48%) and HONYFLOUR (+1.33%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 2.17x from 1.13x. This was illustrated by the appreciation of 26 stocks, led by THOMASWY (+9.48%) and CHAMPION (+9.45%) and the depreciation of 12 stocks, led by CHELLARAM (-9.89%) and ROYALEX (-7.41%). Activity level weakened as the total volume and value decreased by 18.39% and 1.59%, as investors exchanged about 281.94mn units of shares worth over ₦8.16bn.
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 closed flat while the yields on the FGN-JUL-2026 inched higher by 15bps. The yields on the FGN-APR-2023 and FGN-JAN-2030 bond papers closed flat while the yields on the FGN-MAR-2024 compressed by 1bp.
The yields for the 91, 182 and 364-day papers remain unchanged to close at 2.39%, 3.32% and 5.34% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Buy-Interest Lifts the Domestic Bourse, NGX ASI Gains 55bps
- Mixed Sentiments across the Bond Yield Curve
- Global Stocks Rally Ahead of US Inflation Data
- Brent Crude Reports @$82.70/barrel
- Positive Performance in African Stocks
- Naira Closes Flat in the Parallel Market
