The Nigerian All-Share Index closed higher, by 0.04% to close at 55,822.14 points. The performance was due to buy interest in DANGCEM (+1.05%) and GTCO (+0.60%).
Consequently, the YTD return increased to 8.92% as market capitalisation increased by ₦12.86 billion to close at 30.41 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Insurance index, led the laggards, falling by 0.49% on SOVRENINS (-6.67%). The Oil & Gas and Banking indices, followed suit, falling by 0.14% and 0.01% on CONOIL (-9.93%) and STANBIC (-2.44%) respectively. Conversely, The Industrial and Consumer Goods indices, the gainers, rose by 0.53% and 0.04% on DANGCEM (+1.05%) and CHAMPION (+4.60%).
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 TRANSCORP (+8.66%) and ROYALEX (+5.63%) and the decline of 18 stocks, led by NCR (-9.93%) and CONOIL (-7.89%). Activity level was mixed as the total volume increased by 103.93% while total value decreased by 13.42%, as investors exchanged about 311.48 mn units of shares worth over ₦3.09bn.
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 closed flat while the yield on the FGN-MAR-2024 bond papers compressed by 54bps. The yields on the FGN-JAN-2026 and FGN-JUL-2030 closed flat while the yield on the FGN-APR-2023 bond paper inched higher by 2bps.
The yields on the 91, 182 and 364-day papers closed flat at 1.78%, 4.50% and 3.79% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Sustains Bullish Momemtum, NGX ASI Gains 4bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $83.83/barrel
- Positive Performance in African Stocks
- Naira Marginally Appreciates in the Parallel Market
