Bulls Exert Dominance On Local Equities… ASI Opened the Year With 2.18%

Local (Equities) stocks climbed higher in their first trading day of the year with strong bullish sentiment across large and small-cap tickers. The All Share Index (ASI) advanced by 2.18bps to 41,147.39 with market capitalization adding N458.39bn to settle at N21.52tn. In summary, the Year to Date (YtD) print at 2.18%

Across different sectors, the performance was significantly bullish as all sectors under our coverage closed positive. Industrial, Insurance and Banking indices advanced by 4.66%, 4.39% and 3.68% as bullish sentiment dominate BUACEMENT(+9.89%), LASACO(+8.57%), MANSARD(+9.52%); ZENITH BANK(+3.63%) and GUARANTY(+3.55%). Similarly, Consumer goods and oil &gas indices went up by 1.41% and 0.09% following gains recorded in HONYFLOUR(+10.00%), INTBREW(+9.92%) and JAPAULGOLD(+9.98%).

Investors’ sentiment measured by market breadth was positive as 32 stocks advanced while only 2 stocks declined to indicate a 16.00x market breadth. Activity level was however negative as volume and value of transaction decline by 70.18% and 86.04% respectively.

Local Equities

The bond market opened the year on a muted note as the yield on short and long-dated instruments advanced. Notably,   yield on the FGN-JAN-2022  advanced by 0.09%  to close at 2.7% while  Yield on  FGN-JUL-2030  advanced to 7.27%.

Market Snapshot

• Bulls Exert Dominance on Local Equities… ASI Opened the Year with a 2.18% Gain
• The bond market traded on a muted mood
• U.S. Stocks Drop as Virus Spike Ignites Lockdown Fears
• Oil Fluctuates With OPEC+ Gathering to Decide on February Output
• Naira maintained stability against the USD at the parallel market