Domestic Bourse Sustains Bullish Momentum

Nigerian Stocks Sustain Bullish Momentum
Local Bourse Sustains Bullish Momentum

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.

Domestic Bourse Sustains Bullish Momentum - Brand Spur

We expect buy-interest to persist as the equities market presents decent opportunities amid declining yields in the fixed-income market.

Read Also:  Local Bourse Sustains Positive Performance

Fixed Income

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