The Nigerian All-Share Index closed negative, declining by 0.09% to close at 52,612.55 points. The performance was due to profit-taking in large-cap stocks such as GEREGU (-4.04%) and ZENITHBANK (-0.41%). Consequently, the YTD return decreased to 2.66% as market capitalisation decreased by ₦24.59 billion to close at ₦28.66 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Oil & Gas Index closed flat. The Consumer Goods and Insurance indices, the losers, declined by 1.21% and 0.13% on NB (-9.90%) and AIICO (-2.99%) respectively. The Industrial and Banking Indices, the gainers, rose by 0.36% and 0.32% on DANGCEM (+0.72%) and ACCESSCORP (+1.12%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.43x from 1.38x. This was illustrated by the appreciation of 20 stocks, led by MBENEFIT (+10.00%) and UNILEVER (+9.19%) and the decline of 14 stocks, led by NB (-9.90%) and CAVERTON (-9.52%). Activity level stregnthened as the total volume and value increased by 26.90% and 171.53%, as investors exchanged about 182.40 mn units of shares worth over ₦4.82bn.
We expect buy-interest to return as the equities market presents decent opportunities amid declining yields in the fixed-income market.
Fixed Income
There was bullish sentiments across the bond yields curve as three of the bonds under our coverage compressed while the yield on the FGN-JUL-2030 closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 bond papers inched lower by 5bps, 56bps and 3bps respectively.
The yields for the 91, 182 and 364-day papers closed flat 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 9bps
- Bullish Sentiments across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @$86.67/barrel
- Positive Performance in African Stocks
- Naira Appreciates in the Parallel Market
