Nigerian Equities Market pointed northwards on Thursday as investors injected over N94.47 billion into stocks, (UBA N13.306 billion). The NGX All-Share Index appreciated by 0.27% to close at N63,930.72 from 63,757.23 points. The bullish outing was driven by bargain-hunting in some bell-weather stocks such as DANGSUGAR (3.27%) and ETERNA (6.11%). Consequently, YTD returns rose to 24.74%. Market Capitalization appreciated by N94.47 billion to close at N34.81 from N34.72 trillion.
ZENITHBANK recorded over 13.729 million shares worth N443.767 million to top most traded stocks. It was followed by UBA which traded over 961.501 million shares, worth N13.306 billion. The third place was occupied by MTN which traded over 1.471 million shares worth N397.617 million.
Investors’ sentiment strengthened as the market breadth appreciated to 2.00x. This was illustrated by the appreciation in the share prices of 42 stocks, led by UPL (10.00%) and EUNISELL (9.97%), and the depreciation in share prices of 21 stocks, led by COURTVILLE (-9.86%) and FTNCOCOA (-9.66%). Investors exchanged about 1.36 billion shares valued at N18.07 billion in 7,179 deals, higher than 473.49 million shares valued at N10.08 billion in 7,403 deals in the previous day.
We expect buy-sentiment to continue in the Equities Market on the back of increased liquidity, ahead of the MPC July meeting (July 25), and Q2 financial reports.
The Fixed Income Market
The Fixed Income Market exhibited mix outing on Thursday. The FGN bond yield for 2-year and 3-year papers compressed by 0.04% and 0.27% to close at 8.92% and 11.03% respectively. While the FGN 5-year advanced by 0.06% to close at 12.56%. FGN 10-year bond closed flat at 13.45%.
The yields on the 91-day paper, 182-day paper, and 364-day paper closed at 2.24%, 3.55%, and 4.37% respectively.
We expect activities to improve in the Fixed Income Market on the back of increased liquidity, portfolio diversification, and stock volatility.
- Nigerian Equities Market Closed Positive, NGX All-Share Index Gained 0.27%.
- There was a mix of Sentiments across the Bond Yield Curves
- Mix Performance in Global Stocks
- Brent Crude Closed @ $80.14/barrel
- African Stock Markets exhibited mixed sentiment
- Naira depreciated in the Parallel Market