Before it's here, it's on InfoWARE Market Data Terminal; Years of Fundamentals, Analytics and more... VSPBONDETF 83.15  FTNCOCOA 10.00  TIP 10.00  JULI 9.97  CHAMPION 9.94  PZ 9.93  TRANSCORP 9.93  ACCESSCORP 9.92  STERLINGNG 9.89  UPDC 9.85  BUACEMENT -10.00  CONOIL -10.00  MTNN -9.96  THOMASWY -9.78  SOVRENINS -6.52  MERVALUE -5.80  CORNERST -4.76  NASCON -3.94  FIDELITYBK -3.85  VETINDETF -3.07 
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Market Summary 01-12-2023
(Source: CardinalStone Research, Date: 01-Dec-2023)

Equities

 

ASI closes the week up 0.27% WoW

Closing out the trading week, the Lagos bourse extended gains for the third consecutive session as NGX ASI added 8bps to close at 71,419.87 points. Bargain hunting in ZENITHBANK (+2.79%), FIDELITYBK (+1.69%), FBNH (+0.45%) and CUSTODIAN (+5.52%) masked selloffs in TRANSCORP (-3.15%), WAPCO (-1.01%), and UACN (-9.76%) to keep the market afloat. Having gained in four of five trading sessions this week, the ASI closed 0.27% stronger WoW.

Expectedly, the overall sentiment was mostly bullish, evinced by a market breadth of 1.35x (35 gainers and 26 losers). IKEJAHOTEL (+10.00%) and SUNUASSUR (-10.00%) sat atop opposite sides of the divide.

Trade metrics moved in tandem, with the total volumes and value traded declining by 33.14% and 0.17% to settle at 361.12 million units and N10.23 billion, respectively. UNIVINSUR led the volume chart with 44.08 million units traded, accounting for 12.21% of the total volume traded, while DANGCEM led the value chart in deals worth N5.29 billion, accounting for 51.72% of the total turnover.

The biggest drivers of the market's performance this week include SEPLAT (+10.00% WoW), NESTLE (+9.79% WoW), FBNH (+10.75% WoW) and AIRTELAFRI (+0.56% WoW). As a result, the ASI's Year-to-date return rose to 39.35%, while market capitalisation gained N42.06 billion WoW to settle at N39.08 trillion.

Mixed Sectoral Performances

 

Across sectoral performances, the Banking (+1.14%) and Oil & Gas (+0.05%) indices rebounded from yesterday's losses, following a recovery in ZENITHBANK (+2.79%) and OANDO (+0.85%), respectively. On the flip side, the Insurance index (-1.10%) led the laggards for the second consecutive session, driven by profit-taking in SUNUASSUR (-10.00%). This was followed by declines in the Consumer Goods (-0.08%) and Industrial Goods (-0.06%) sectors as investors sold off on UACN (-9.76%) and WAPCO (-1.07%), respectively.

 

Bonds

 

Bullish outing for bonds

 

Activity in the FGN bonds market was mixed, albeit with a bullish tilt, as the average yield shed 3bps to close at 15.69%. Across the curve, buying interest in the January 2026 (-78bps) paper drove the yield contraction at the short end (-14bps), while the average yield at the mid and long ends remained unchanged.

 

Money market

 

Liquidity metrics were depressed as the OPR and O/N rates expanded by 91bps and 78bps to close at 15.75% and 16.32%, respectively.

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

CardinalStone Research 



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