The Nigerian All-Share Index today closed positive, rising by 0.93% to close at 53,998.12 points. The performance was due to buy-interest in large-cap stocks such as MTNN (+3.57%) and SEPLAT (+9.50%).
Consequently, the YTD return increased to 5.36% as market capitalisation increased by ₦271.50 billion to close at ₦29.41 trillion.
The sectoral performance marginally weakened as two of the five indices under coverage declined while the Consumer Goods and Industrial Indices closed flat. The Banking and Insurance indices, the losers, fell by 0.39% and 0.44% on ZENITHBANK (-1.57%) and MBENEFIT (-7.69%) respectively. The Oil & Gas Index, the only gainer, rose by 5.17% on SEPLAT (+9.50%).
Investors’ sentiment strengthened as the market breadth increased to 2.08x from 1.00x. This was illustrated by the appeciation of 27 stocks, led by MRS (+10.00%) and NNFM (+9.88%) and the decline of 13 stocks, led by SUNUASSUR (-8.11%) and MBENEFIT (-7.69%). Activity level strengthened as the total volume and value increased by 1331.85% and 460.8%, as investors exchanged about 2869.00 mn units of shares worth over ₦8.07bn.
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 lower while the yields on the FGN-APR-2023 and FGN-JUL-2030 closed flat. The yields on the FGN-MAR-2024, and FGN-JAN-2026 compressed by 2bp, and 42bps respectively.
The yields on the 91, 182 and 364-day papers closed flat at 1.10%, 1.84% and 3.86% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Bullish Sentiments Persist in the Local Bourse, NGX ASI Gains 93bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @$82.55/barrel
- Mixed Performance in African Stocks
- Naira Depreciates in the Parallel Market
