The Nigerian All-Share Index closed positive, rising by 0.02% to close at 54,507.91 points. The performance was due to buy-interest in large-cap stocks such as GTCO (+0.20%) and ZENITHBANK (+0.77%). Consequently, the YTD return increased to 6.33% as market capitalisation increased by ₦6.18 billion to close at ₦29.69 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage decreased. The Banking Index, led the laggards, falling by 0.08% on FIDELITYBK (-2.99%). The Consumer Goods, and Oil & Gas indices, followed suit, falling by 0.06%, and 0.05% on DANGSUGAR (-0.58%), and OANDO (-0.51%) respectively.
Investors’ sentiment stregnthened as the market breadth increased to 2.00x from 0.89x. This was illustrated by the appreciation of 20 stocks, led by TRIPPLEG (+10.00%) and LINKASSURE (-7.14%) and the decline of 10 stocks, led by JAPUALGOLD (-6.67%) and SOVRENINS (-6.67%). Activity level weakened as the total volume and value decreased by 24.43% and 23.50%, as investors exchanged about 134.46 mn units of shares worth over ₦4.36bn.
We expect buy-interest to persist as the equities market presents 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 advanced by 263bp. The yields on the FGN-MAR-2024 compressed by 2bps.
The yields on the 91, and 182-day papers advanced by 272bps, and 366bps to close at 3.85% and 4.31% respectively while the yields on the 364-day paper compressed by 7bps to close at at 3.86% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Sustains Bullish Momentum, NGX ASI Gains 2bps
- 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