Local Bourse Begins Week In Positive Territory

Bullish Sentiments Persist in Local Bourse
Bullish Sentiments Persist in Local Bourse

The Nigerian All-Share Index closed positive, rising by 0.12% to close at 52,657.69 points. The performance was due to buy-interest in large-cap stocks such as GEREGU (+6.92%) and ZENITHBANK (+0.61%). Consequently, the YTD return increased to 2.74% as market capitalisation increased by ₦34.32 billion to close at ₦28.68 trillion.

The sectoral performance broadly strengthened as all of the five indices under coverage advanced while the Industrial index closed flat. The Insurance index, led the gainers, rising by 0.22% on AIICO (+3.08%). The Banking, Consumer Goods, and Oil & Gas indices, followed suit, rising by 0.12%, 0.12%, and 0.03%  on  ZENITHBANK (+0.61%), GUINESS (+4.91%) and ETERNA (+0.69) respectively.

Investors’ sentiment strengthened as the market breadth increased to 1.38x from 1.17x. This was illustrated by the appreciation of 18 stocks, led by JOHNHOLT (+9.38%) and  NSLTECH (+9.09%) and the decline of 13 stocks, led by CORNERST (-10.00%) and CWG (-9.62%). Activity level was mixed as the total volume declined by 67.61% while value increased by 5.44%, as investors exchanged about 143.74 mn units of shares worth over ₦1.77bn.

Local Bourse Begins Week In Positive Territory - Brand Spur

We expect buy-interest to persist as the equities market presents decent opportunities amid declining yields in the fixed-income market.

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Fixed Income

There was mixed sentiments across the bond yields curve as two of the bonds under our coverage compressed while the yield on the FGN-JUL-2030 closed flat. The yield on the FGN-APR-2023 and FGN-MAR-2024  bond papers inched lower by 1bp and 2bps respectively. The yields on the FGN-JAN-2026 and FGN-JUL-2026.

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.

  • Local Bourse Begins the Week in Positive Territory, NGX ASI Gains 12bps
  • Mixed Sentiments across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Brent Crude Reports @$88.54/barrel
  • Positive Performance in African Stocks
  • Naira Closes Flat in the Parallel Market