Daily Market Update (Equities)
The Nigerian equities market began the week on a negative foot, as the NGX All Share Index (NGX ASI) lost 0.17% to 97,,582.41 points. This is following losses incurred in MTNN (-5.95% to NGN178.70), TRANSCORP (-1.79% to NGN11.00) and STERLINGNG (-2.99% to NGN3.90), which offset gains in PRESCO (+10.00% to NGN485.10), OANDO (+9.88% to NGN27.80) and DANGSUGAR (+5.88% to NGN36.00). Consequently, the market’s year-to-date (YtD) return fell to 30.50%.
Market activity was buoyant, with total volume and value traded increasing by 53.63% and 57.36% each to 324.02mn units and NGN6.22bn respectively. ZENITHBANK led both the volume and value traded charts.
Top gainers today were INTBREW, PRESCO and SOVERENINS. On the other hand, CHAMS, UPL and OMATEK topped the losers’ chart.
Daily Market Update (Fixed Income)
Today, the NT-bills secondary market closed negative, as the average yield increased by 0.07% to settle at 25.55%. Similarly, the secondary FGN Bond market closed negative, as the average yield edged up by 0.10% to close at 19.87%. Overall, average yield in the Naira Fixed Income market advanced by 0.9% to 22.71%, bringing the market to a negative close.
Weekly Commentary and Stock Recommendation: 7th October – 11th October 2024