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.
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 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
