The Nigerian All-Share Index closed positive, rising by 0.29% to close at 54,367.74 points. The performance was due to buy-interest in large-cap stocks such as MTNN (+4.10%) and WAPCO (+0.15%).
Consequently, the YTD return increased to 6.08% as market capitalisation increased by ₦84.23 billion to close at ₦29.61 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage advanced. The Insurance index, led the gainers, rising by 0.33% on MANSARD (+0.60%). The Industrial and Consumer Goods Indices, followed suit, rising by 0.03% and 0.01% on WAPCO (+0.15%), and HONYFLOUR (+2.69%) respectively. Conversely, the Banking and Oil & Gas Indices, the losers, fell by 0.32% on ZENITHBANK (-0.10%) and ETERNA (-0.71%) respectively.
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 SOVRENINS (+10.00%) and LINKASSURE (+8.89%) and the decline of 13 stocks, led by MCNIHOLS (-8.96%) and PRESTIGE (-8.70%). Activity level strengthened as the total volume and value increased by 1331.85% and 460.8%, as investors exchanged about 191.64 mn units of shares worth over ₦4.80bn.
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 quiet outing across the bond yields curve as three of the bonds under our coverage closed flat while the yields on the FGN-MAR-2024 inched lower by 4bps. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 closed flat.
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 41bps to close at 1.20%.
We expect market activity to be influenced by the liquidity levels in the financial system
- Domestic Bourse Begins the Week in Positive Territory, NGX ASI Gains 29bps
- Quiet Outing across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in the Red
- Positive Performance in African Stocks
- Naira Depreciates in the Parallel Market
