The Nigerian All-Share Index closed in negative territory, falling by 0.06% to close at 52,594.68 points.
The performance was due to profit-taking in large-cap stocks such as NGX (-1.03%) and ZENITHBANK (-0.20%). Consequently, the YTD return decreased to 2.62% as market capitalisation decreased by ₦17.29 billion to close at ₦28.65 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined while the Oil & Gas index closed flat. The Consumer Goods index, led the laggards, declining by 0.62% on DANGSUGAR (-2.58%). The Insurance, and Industrial indices, followed suit, falling by 0.25%, and 0.03%, on AIICO (-1.52%), and WAPCO (-0.60%) respectively. Conversely, the Consumer goods index, the only gainer, rose by 0.37% on ETI (+3.43%).
Investors’ sentiment strengthened as the market breadth increased to 1.17x from 1.33x. This was illustrated by the appreciation of 14 stocks, led by PRESTIGE (+9.52%) and INTEREGINS (+8.89%) and the decline of 11 stocks, led by LINKASSURE (-9.62%) and CHIPLC (-7.35%). Activity level was mixed as the total volume declined by 94.21% while value increased by 62.10%, as investors exchanged about 443.75mn units of shares worth over ₦1.68bn.
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-APR-2023 advanced by 5bps. The yield on the FGN-MAR-2024 bond papers inched lower by 1bp. The yields on the FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat.
The yields for the 91, 182 and 364-day papers closed flat to close at 2.16%, 3.29% and 5.23% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Profit-Taking Drags the Local Bourse Southwards, NGX ASI Sheds 6bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @$86.82/barrel
- Mixed Performance in African Stocks
- Naira Depreciates in the Parallel Market
