Bulls Kick Off May, Investors gained ₦151.92 billion

…the Naira depreciated by 0.34% to close at ₦1,602.18

The market reversed its losing streak to close bullish, gaining 23 bps to settle at 106,042.57 points. Renewed interest in select large-cap stocks drove the rebound.

Renewed interest in key stocks such as INTBREW (+8.40%), NB (+6.98%), FCMB (+3.24%), FIDELITYBK (+2.01%), and MTNN (+2%), along with gains in 24 additional equities, sustained the market’s bullish momentum.

Consequently, the Year-to-Date (YTD) return moderated to 3.03%, while market capitalization increased by 0.23% to ₦66.65 trillion, marking a gain of ₦151.92 billion in investor wealth.

Sectoral performance was largely negative, with three out of five sectors ending in the red. The Insurance (-3.50%), Banking (-1.49%), and Oil & Gas (-0.17%) sectors recorded notable declines, driven by sell-offs in CONHALLPLC, MANSARD, WAPIC, ACCESSCORP, ZENITHBANK, UBA, and OANDO. In contrast, the Consumer Goods and Industrial sectors posted gains of 2.03% and 0.08%, respectively, supported by price increases in INTBREW, NB, HONYFLOUR, CAVERTON, and CUTIX.

MARKET ACTIVITY: Market activity improved, as traded volume rose by 45.89% to 573.33 million units, while the total value of trades increased by 19.59% to ₦15.25 billion.

MARKET BREADTH: The market breadth, which measures investor sentiment through the Gainers/Losers ratio stood at 0.73x as 29 stocks appreciated, 40 stocks depreciated and 62 stocks closed flat.

FIXED INCOME MARKET: Average yields on Treasury Bills closed bearish at 20.64% while Bonds marketclosed flat at 18.61% .

CURRENCY MARKET: The Naira depreciated by 0.34% to close at ₦1,602.18