Bulls Return to the Equity Market…Benchmark Index Gained 17bps
The Nigerian Equities market rebounds as bulls dominated proceedings in the market today. The benchmark All Share Index (ASI) advanced by 17bps to 40,465.15 with market capitalization gaining N36.08bn to settle at N21.16tn. In summary, the Year to Date (YtD) performance inches up to 0.48%.
The sectoral performance was majorly bullish as 4 out of the 5 sectors closing in the green zone. Insurance and Banking indices went up by 3.02% and 0.75% buoyed by gains in LINKASSURE (+9.26%), MANSARD (+7.83%) and ZENITH BANK (+2.03%). Equally, Consumer goods and oil & gas indices advanced by 0.30% and 0.06% following bargain hunting in FLOURMILL(+3.45%) and JAPAULGOLD(+9.46%). The industrial index, however, closed flat.
Investors’ sentiment measured by market breadth improves as 23 stocks advanced while only 16 stocks declined to indicate a 1.44x market breadth. Activity level was however negative as volume and value of transaction waned by 46.41% and 57.32% in that order.
The bond market closed on a muted note as the yield on short maturities advanced. Notably, yield on the FGN-APR-2023 advanced by 0.09% to close at 3.82% while Yield on FGN-JUL-2030 remain stable at 7.27%
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Market Snapshot
Bulls Return to the Equity Market…Benchmark Index Gained 17bps
The bond market traded on a quiet mood
U.S. Stocks Fluctuate Amid Georgia Runoffs
Oil Holds Near 10-Month High After Saudi Unilateral Supply Cut
Saudi Arabia’s Surprise Supply Cut Ripples Through Oil Markets
Naira maintained stability against the USD at the parallel market
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