Local Bourse Sustains Bullish Momentum

Nigerian Stocks Sustain Bullish Momentum
Local Bourse Sustains Bullish Momentum

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.
Local 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:  FMN emerges the winner as the Agro Investor of the year

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