The Nigerian All-Share Index declined, by 0.02% to close at 54,924.08 points. The performance was due to profit-taking in bellwether stocks such as GTCO (-0.20%) and ACCESSCORP (-2.25%). Consequently, the YTD return decreased to 7.17% as market capitalisation decreased by ₦6.55 billion to close at 29.92 trillion.
The sectoral performance weakened as three of the five indices under coverage decreased while the Oil & Gas and industrial indices closed flat. The Banking index, led the laggards, falling by 0.58% on GTCO (-0.20%). The Insurance and Consumer Goods indices, followed suit, falling by, 0.42% and 0.08% on MANSARD (-7.50%) and DANGSUGAR (-0.54%) respectively.
Investors’ sentiments strengthened as the market breadth increased to 0.82x from 0.64x. This was illustrated by the decline of 17 stocks, led by NCR (-9.96%) and LINKASSURE (-8.70%) and the appreciation of 14 stocks, led by SUNUASSURE (+9.09%) and TRANSCOHOT (+8.32%). Activity level was mixed as the total volume decreased by 12.15% while the total value increased by 5.13%, as investors exchanged about 117.85mn units of shares worth over ₦1.40bn.
We expect bargain-hunting to return as investors as the equities market presents decent oppurtunities.
There was a quiet outing across the bond yields curve as three of the four bonds under our coverage closed flat .The yield on the FGN-APR-2023 bond papaer increased by 168bps, while the yields on FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat respectively.
The yields on the 91 and 182-day papers increased by 37bps and 42bps to close at 3.48% and 5.39% respectively, while the yield on the 364-day paper closed flat at 8.67%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Profit-Taking in Banking Stocks Drag the Local Bourse, NGX ASI Sheds 2bps
- Quiet Outing across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $77.18/barrel
- Positive Performance in African Stocks
- Naira Appreciates in the Parallel Market