Equities

The ASI gained marginally

Bullish sentiments resurfaced in the local bourse, as the ASI gained 3bps to close at 98,169.30 points. The positive outturn can be attributed to buy interests in TRANSCOHOT (+9.75%), MTNN (+0.20%) and TRANSCORP (+1.45%). Consequently, the market cap gained N26.64 billion to settle at N55.52 trillion.

Trade metrics closed in red as the volume and value of traded decreased by 24.90% and 31.95% to 297.20 million units and N6.51 billion, respectively. ZENITHBANK led the volume and value chart as 48.49 million units worth N1.77 billion exchanged hands. Market breadth was negative at 0.67x, as 24 laggards outpaced 16 gainers. TRANSCOHOT (+9.75%) was the best performer, while STERLINGNG (-9.69%) led the laggards.

Sectoral performance

Sectoral performance was largely bearish, as the Oil and Gas (-1.41%) index recorded the largest decline due to selloffs in JAPAULGOLD (-2.38%). Furthermore, the Banking (-1.10%) and Consumer Goods (-0.05%) indices dipped suit due to selloffs in FBNH (-6.33%) and NB (-1.25%), respectively. On the flip side, the Insurance (+0.88%) index appreciated as a result of upticks in WAPIC (+6.15%); the Industrial Goods closed flat.

Equity market announcement

STANBIC IBTC Holdings reported a 58.0% growth YoY in its PAT to N45.6 billion in its Q1'24 unaudited financial statement. The result showed solid growth in both interest income (+129.7% YoY to N115.8 billion) and non-interest revenue (+37.5% YoY to N61.3 billion).

DANGOTE CEMENT Plc reported a strong Q1'24 performance, with a 101.0% YoY increase in topline to N817.5 billion (vs Q4'23 of N693.49 billion). This positive outturn stemmed from 61.6% YoY and 201.6% YoY increases in revenue from the Nigerian and Pan-African businesses, respectively.

Bonds

Quiet day at the Bond market

It was another quiet day at the FGN bond market as the overall yield curve declined by a marginal 1bp to 18.96%. Across the curve, the yield expanded slightly at the short (+1bp) and mid (+6bps) segments but closed flat at the long end.

Money market

Interbank rates - OPR and O/N - declined by 227bps and 298bps to 27.08% and 28.35%, respectively, following the settlement of yesterday's NTB auction.

Kindly click here for the summary of activities in the market today.

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