The Nigerian All-Share Index closed negative, falling by 0.18% to close at 52,657.88 points.
The performance was due to profit-taking in large-cap stocks such as MTNN (-1.75%) and OANDO (-1.77%). Consequently, the YTD return decreased to 2.74% as market capitalisation increased by ₦51.79 billion to close at ₦28.63 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage advanced. The Insurance index, led the gainers, rising by 0.36% on CORNERST (+9.26%). The Oil & Gas and Industrial Indices, followed suit, rising by 0.13% and 0.01% on ETERNA (+3.45%) and CAP (+9.83%) respectively. The Consumer Goods and Banking Indices, the losers, fell by 0.39% on CADBURY (-2.53%) and ACESSCORP (-4.26%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 2.00x from 3.57x. This was illustrated by the decline of 7 stocks, led by CUTIX (-8.11%) and INTBREW (-6.12%) and the appreciation of 7 stocks, led by CAP (+9.83%) and NNFM (+9.76%). Activity level strengthened as the total volume and value increased by 22.50% and 15.93%, as investors exchanged about 171.11 mn units of shares worth over ₦2.34bn.
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 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 yields on the FGN-MAR-2024 and FGN-JAN-2026 bond papers inched lower by 220bps and 1bp respectively. The yield on the FGN-APR-2023 inched higher by 1bp.
The yields for the 91, 182 and 364-day papers closed flat at 1.10%, 1.20% and 3.87% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse Closes the Week in the Red, NGX ASI Sheds 18bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @$87.03/barrel
- Positive Performance in African Stocks
- Naira Depreciates in the Parallel Market