The Nigerian All-Share Index closed positive, rising by 0.40% to close at 54,213.09 points. The performance was due to buy-interest in large-cap stocks such as MTNN (+1.88%) and GTCO (+0.60%).
Consequently, the YTD return increased to 5.78% as market capitalisation increased by ₦117.09 billion to close at ₦29.53 trillion.
The sectoral performance broadly strengthened as four of the five indices under coverage advanced. The Banking index, led the gainers, rising by 1.06% on GTCO (+0.60%). The Insurance, Oil & Gas, and Industrial Indices, followed suit, rising by 0.31%, 0.17% and 0.04% CORNERST (+5.00%), (+1.05%), WAPCO (+0.60%) respectively. Conversely, the Consumer Goods, the only loser, fell by 0.39% on FLOURMILL (-0.17%).
Investors’ sentiment strengthened as the market breadth increased to 3.89x from 2.08x. 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 climbed higher 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 advanced by 8bps, and 50bps respectively.
The yields on the 91, and 364-day papers closed flat at 1.10%, and 3.86% respectively, while the yield on the 182-day paper compressed by 23bps to close at 1.61%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Closes the Week on a Positive Note, NGX ASI Gains 40bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in the Red
- Positive Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market