Despite bargain hunting activities on Tuesday in DANGCEM (+0.8%) and ZENITH (+0.9%), sell pressures in NIGERIAN BREWERIES (-3.6%), ETI (-3.3%) and UBN (-2.1%) dragged the All Share Index (ASI) 1bp lower to 31,038.86 points while YTD return stood at -1.2%. However, investors gained N95.0bn in value as market capitalisation rose to N11.7tn. Activity level weakened as volume and value traded fell 14.8% and 55.2% to 143.6m units and N1.7bn respectively.
The steady decline in interest rates on treasury bills (TBs) offer in the primary market since last month is expected to continue this week when the Central Bank of Nigeria (CBN) roll over N48.6 billion worth of maturing bills.
Last week the apex bank sold N89 billion worth of TBs in the primary market at lower stop rates. Stop rate for the 91-Days bills dropped by 15 basis points (bpts) to 10.75 percent from 10.9 percent in the previous auction held on February 27.
The equities market maintained a positive performance at the close of trade on Tuesday as price upticks in GUARANTY (+1.1%), UBN (+4.5%) and ZENITH (+0.8%) drove the benchmark index 14bps higher to 32,173.66 points. Consequently, market capitalisation increased by N16.3bn to N12.0tn while YTD return improved to 2.4%. Activity level also strengthened as value and volume traded advanced by 32.5% and 75.8% to N3.5bn and 400.5m units respectively.
A capital market watcher, Boniface Okezie, has said that inaugurating an inclusive government will expedite a rebound of the capital market.
Mr Okezie, President, Progressive Shareholders Association of Nigeria, said this in an interview in Lagos yesterday, the Voice of Nigeria reports.
He said that inaugurating an all inclusive government would douse the acrimony in the country and lead to harmony.
The local bourse rebounded in Tuesday’s trading session, as the All Share Index (ASI) rose 0.7% to 32,406.18 points due to buying interests in bellwether stocks - ZENITH (+5.6%), GUARANTY (+3.3%) and UBA (+4.6%). Consequently, market capitalisation increased N80.6bn to N12.1tn while YTD gain settled at 3.1%. Activity level also strengthened as volume and value traded improved 55.4% and 23.7% to 361.8m units and N4.2bn respectively.
The domestic bourse opened the week on a positive note, extending gains from the previous week on the back of price appreciation in ZENITH (+2.3%), UBA (+4.6%) and UNILEVER (+5.4%). As a result, the All Share Index (“ASI”) inched 0.8% higher to 31,781.87 points, YTD performance improved to 1.1% while market capitalisation increased by N94.0bn to N11.9tn. On the other hand, activity level weakened as average volume and value traded declined by 24.0% and 53.7% respectively to 550.2m units and N5.6bn respectively.
The market performed positively this week, as investors took positions in GUARANTY (+14.7%), ACCESS (+9.0%) and FBNH (+8.8%). Thus, the All Share Index rose 2.9% W-o-W to 31,529.9 points, YTD performance settled at 0.3% while market capitalization rose by N333.5bn to N11.8tn. Activity level also improved as average volume and value traded advanced 31.2% and 31.8% W-o-W to 378.4m units and N5.4bn respectively.