The Nigerian All-Share Index closed positive, rising by 0.24% to close at 54,496.31 points. The performance was due to buy-interest in large-cap stocks such as MTNN (+1.49%) and WAPCO (+0.77%). Consequently, the YTD return increased to 6.33% as market capitalisation increased by ₦71.70 billion to close at ₦29.68 trillion.
The sectoral performance was mixed as two of the five indices under coverage increased while the Oil & Gas Index closed flat. The Consumer Goods and Industrial indices,the gainers, rose by 0.41% and 0.04% on FLOURMILL (+0.17%). Conversely, the Banking, and Insurance indices, the laggards, fell by 0.53%, and 0.23% on ZENITHBANK (-1.36%), and AIICO (-1.67%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.89x from 2.25x. This was illustrated by the decline of 19 stocks, led by INTENEGINS (-6.20%) and LIVESTOCK (-5.45%) and the appreciation of 17 stocks, led by TRIPPLEG (+9.49%) and COURTVILLE (-8.33%). Activity level strengthened as the total volume and value increased by 26.33% and 80.23%, as investors exchanged about 177.92 mn units of shares worth over ₦5.69bn.
We expect buy-interest to persist as the equities market present decent opportunities amid declining yields in the fixed-income market.
There was mixed sentiments across the bond yields curve as two of the bonds under our coverage closed flat while the yields on the FGN-APR-2023 compressed by 1bp. The yields on the FGN-MAR-2024 inched higher by 50bps.
The yields on the 91, 182 and 364-day papers closed flat at 1.13%, 0.65% and 3.86% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Extends Bullish Run, NGX ASI Gains 24bps
- Mixed Sentiments across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Commodities Market Closes in the Red
- Positive Performance in African Stocks
- Naira Depreciates in the Parallel Market