Domestic Bourse Begins Week Higher

Local Bourse Extend Losses
Local Bourse Extend Losses

The Nigerian All-Share Index closed higher, rising by 0.14% to close at 55,605.57 points. The performance was due to buy-interest in large-cap stocks such as WAPCO (+0.19%) and DANGSUGAR (+0.52%).


Consequently, the YTD return increased to 8.50% as market capitalisation increased by ₦41.60 billion to close at 30.29 trillion.

The sectoral performance was mixed as two of the five indices under coverage declined while the Oil & Gas index closed flat. The Banking and Consumer Goods indices, the laggards, fell by 0.29% and 0.14% on ZENITHBANK (-1.13%) and NB (-0.97%) respectively. Conversely, the Insurance and Industrial indices, the gainers, rose by 0.11% and 0.01% on AIICO (+3.39%) and WAPCO (+0.19%) respectively.

Investors’ sentiment strengthened but remained negative as the market breadth increased to 0.80x from 0.68x. This was illustrated by the appreciation of 16 stocks, led by JBERGER (+10.00%) and UNITYBNK (+9.26%) and the decline of 25 stocks, led by CWG (-7.14%) and FTNCOCOA (-6.67%). Activity level weakened as the total volume and value decreased by 83.54% and 6.72%, as investors exchanged about 123.55 mn units of shares worth over ₦2.48bn.

Domestic Bourse Begins Week Higher - 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:  Africa Prudential Plc Appoints Zubaida Mahey Rasheed as Independent Non–Executive Director

Fixed Income

There was mixed sentiments across the bond yields curve as two of the bonds under our coverage compressed while the yield on the FGN-APR-2023 and FGN-JUL-2030 bond papers closed flat. The yields on the FGN-MAR-2024 and FGN-JAN-2026 compressed by 5bps and 2bps 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.

  • Domestic Bourse Begins the Week Higher, NGX ASI Gains 14bps
  • Mixed Sentiments across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Brent Crude Reports @ $84.94/barrel
  • Mixed Performance in African Stocks
  • Naira Appreciates in the Parallel Market