The Nigerian All-Share Index closed higher, rising by 0.61% to close at 54,646.38 points.
The performance was due to buy-interest in large-cap stocks such as ZENITHBANK (+0.60%) and GTCO (+0.40%). Consequently, the YTD return increased to 6.62% as market capitalisation increased by ₦180.23 billion to close at ₦29.77 trillion.
The sectoral performance broadly strengthened as all of the five indices under coverage advanced. The Consumer Goods index, led the gainers, rising by 3.79% on BUAFOODS (+8.87%). The Insurance, Oil & Gas, Banking and Industrial indices on MBENEFIT (+3.13%), OANDO (+1.54%), ZENITHBANK (+0.60%) and WAPCO (+1.18%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 2.80x from 1.64x. This was illustrated by the appreciation of 28 stocks, led by MRS (+9.88%) and MCNICHOLS (+9.09%) and the decline of 10 stocks, led by TIP (-9.09%) and NEIMETH (-6.45%). Activity level was mixed as the total volume increased by 9.93% while total value declined by 52.92%, as investors exchanged about 142.04 mn units of shares worth over ₦1.85bn.
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 bullish sentiments across the bond yields curve as three of the bonds under our coverage compressed while the yield on the FGN-JAN-2026 bond paper closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2026 compressed by 132bps, 2bps and 15bps respectively.
The yields on the 91, 182 and 364-day papers closed flat at 2.01%, 4.16% and 3.79% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse Sustains Bullish Momentum, NGX ASI Gains 61bps
- Bullish Sentiments across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $82.02/barrel
- Positive Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market
