The Nigerian All-Share Index closed in positive territory, rising by 0.67% to close at 52,701.31 points.
The performance was due to buy-interest in large-cap stocks such as AIRTELAFRI (+3.23%) and GTCO (+0.41%). Consequently, the YTD return increased to 2.83% as market capitalisation increased by ₦192 billion to close at ₦28.70 trillion.
The sectoral performance broadly strengthened as four of the five indices under coverage advanced. The Consumer Goods index, led the gainers, rising by 0.53% on FLOURMILL (+3.00%). The Oil & Gas, Banking, and Industrial indices, followed suit, rising by 0.19%, 0.19% and 0.08%, on MRS (+9.93%), GTCO (+0.41%) and WAPCO (+1.64%) respectively. Conversely, the Insurance index, the only loser, fell by 0.08% on WAPIC (-2.17%).
Investors’ sentiment strengthened as the market breadth increased to 1.33x from 0.87x. This was illustrated by the appreciation of 20 stocks, led by UPDCREIT (+10.00%) and MRS (+9.93%) and the decline of 15 stocks, led by UPDC (-6.93%) and GEREGU (-6.71%). Activity level strengthened as the total volume and value increased by 2.99% and 36.73%, as investors exchanged about 228.49mn units of shares worth over ₦4.44bn.
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 yields curve as two of the bonds under our coverage closed flat while the yield on the FGN-MAR-2024 compressed by 33bps. The yields on the FGN-JAN-2026 bond papers inched higher by 27bps.
The yields for the 91, 182 and 364-day papers closed flat to close at 2.16%, 3.29% and 6.21% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Positive Performance Returns in the Local Bourse, NGX ASI Gains 67bps
- Mixed Sentiments across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @$85.99/barrel
- Negative Performance in African Stocks
- Naira Marginally Depreciates in the Parallel Market
