Equity Investors Share N275bn Profit As NGX All-Share Index  Gain 783bps in November

The Nigerian Equities Market closed November in positive territory, as the NGX All-Share Index added 783bps to close the month at 71,365.25 points from 70,581.76 points. The YTD closed at 39.25%. Market Capitalization closed at N39.05 trillion from N38.78 trillion.

GTCO recorded over 67.229 million shares worth N2.603 billion to topmost traded stocks on Thursday. It was followed by UNIVINSURE which traded over 56.746 million shares, worth N13.662 million. The third place was occupied by CONHALLPLC which traded over46.100 million shares worth N64.328 million.

Investors’ sentiment weakened as the market breadth depreciated to close 0.78x. This was illustrated by the depreciation in the share prices of 32 stocks, led by NSLTECH (-9.72%) and UNITYBNK (-9.68%), and the appreciation in share prices of 25 stocks, led by NNFM (10.00%) and THOMASWY (9.62%). Investors exchanged about 410.32 million shares worth N4.46 billion in 5,637 deals. 

We expect improved activities in the equities market as investors take positions for end of the year dividend.

The Fixed Income Market

The Fixed Income Market recorded low activities on Thursday. While the FGN bond yield for 2 year, 3 years, 5 years, and 10 years closed at 14.30%, 14.18%, 15.28%, and 16.30% respectively.

The yields on the 91-day paper, 182-day paper and 364-day paper closed at 5.04%, 8.85% and 11.78% respectively.

Whilst we expect seasonal inflationary pressure to impact the market as yuletide approaches, investors may likely reduce activities as they count their gains for the year in preparation for the new year.