Domestic Bourse Begins Week In Positive Territory


The Nigerian All-Share Index closed positive, rising by 0.78% to close at 54,224.35 points.

The performance was due to buy-interest in large-cap stocks such as AIRTELAFRI (+3.85%) and UCAP (+1.31%). Consequently, the YTD return increased to 5.80% as market capitalisation increased by ₦228.74 billion to close at ₦29.54 trillion.

The sectoral performance broadly strengthened as four of the five indices under coverage increased. The Oil & Gas, led the gainers, rising by 0.86% on CONOIL (+9.93%). The Banking, Insurance and Consumer Goods  Indices, followed suit, rising by 0.18%, 0.13%, and 0.02% on UBA (+0.60%), MBENEFIT (+6.25%), and INTBREW (+2.17%) respectively. Conversely, the Industrial index, the only laggard, fell by 0.05% on WAPCO (-0.97%).

Investors’ sentiment strengthened but remained negative as the market breadth increased to 0.93x from 0.72x. This was illustrated by the appreciation of 14 stocks, led by TRIPPLEG (+9.94%) and WAPIC (+9.76%) and the decline of 15 stocks, led by PHARMDEKO (-10.00%) and RTBRISCOE (-6.67%). Activity level weakened as the total volume and value decreased by 37.37% and 4.52%, as investors exchanged about 172.90 mn units of shares worth over ₦3.77bn.

Domestic Bourse Begins Week In Positive Territory - Brand Spur

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

Read Also:  Major global markets closed the week Green

Fixed Income

There was mixed sentiments across the bond yields curve as two of the bonds under our coverage compressed while the yields on the FGN-APR-2023 and FGN-JUL-2030 bond paper closed flat. The yields on the FGN-MAR-2024, and FGN-JAN-2026 compressed by 5bps, and 8bps respectively.

The yields on the 91, and 364-day papers closed flat at 3.85%, and 3.79% respectively while the yield on the 182-day paper inched lower by 1bp to close at 4.16%.

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 78bps
  • Mixed Sentiments across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in the Green
  • Mixed Performance in African Stocks
  • Naira Appreciates in the Parallel Market