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.
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 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
