The Nigerian All-Share Index closed higher, rising by 0.69% to close at 55,328.42 points. The performance was due to buy-interest in large-cap stocks such as GEREGU (+5.69%) and FLOURMILL (+9.05%).
Consequently, the YTD return increased to 7.96% as market capitalisation increased by ₦371.55 billion to close at 30.14 trillion.
The sectoral performance broadly strengthened as all of the five indices under coverage advanced. The Consumer Goods index, led the gainers, rising by 5.00% on BUAFOODS (+4.65%). The Oil & Gas, Banking, Insurance and Industrial indices on ETERNA (+2.19%), ZENITHBANK (+0.78%), AIICO (+1.69%) and WAPCO (+1.56%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 3.11x from 2.80x. This was illustrated by the appreciation of 28 stocks, led by CILEASING (+10.00%) and OANDO (+10.00%) and the decline of 9 stocks, led by FTNCOCOA (-6.90%) and UPDC (-4.00%). Activity level was mixed as the total volume increased by 5.45% while total value declined by 16.48%, as investors exchanged about 149.78 mn units of shares worth over ₦1.54bn.
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 mixed sentiments across the bond yields curve as two of the bonds under our coverage advanced while the yield on the FGN-APR-2023 and 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 Begins the Week Higher, NGX ASI Gains 69bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $82.01/barrel
- Mixed Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market