The Nigerian All-Share Index closed higher, by 0.35% to close at 55,801.14 points. The performance was due to buy-interest in DANGCEM (+1.79%) and MTNN (+0.60%).
Consequently, the YTD return increased to 8.87% as market capitalisation increased by ₦106 billion to close at 30.40 trillion.
The sectoral performance was mixed as two of the five indices under coverage advanced while the Insurance and Oil & Gas indices closed flat. The Industrial and Banking indices, the gainers, rose by 0.84% and 0.06% on DANGCEM (+1.79%) and GTCO (+0.60%) respectively. Conversely, The Consumer Goods index, the only loser, fell by 0.06% on DANGSUGAR (-0.52%).
Investors’ sentiment strengthened as the market breadth increased to 1.00x from 0.80x. This was illustrated by the appreciation of 18 stocks, led by TRANSEXPR (+9.88%) and CUTIX (+8.50%) and the decline of 18 stocks, led by MRS (-9.98%) and ABCTRANS (-7.89%). Activity level was mixed as the total volume decreased by 4.21% while total value increased by 44.31%, as investors exchanged about 152.74 mn units of shares worth over ₦3.57bn.
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 quiet outing across the bond yields curve as three of the bonds under our coverage closed flat while the yield on the FGN-MAR-2024 bond papers compressed by 65bps. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 closed flat.
The yields on the 91, 182 and 364-day papers closed flat at 2.01%, 1.78% and 3.79% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Sustains Bullish Run, NGX ASI Gains 35bps
- Quiet Outing across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @ $82.64/barrel
- Negative Performance in African Stocks
- Naira Marginally Appreciates in the Parallel Marke
