Nigerian Bourse Gains +0.7% Driven by Blue Chips

Nigerian Stock Exchange Trading Floor. Image Credit: NGX

February 29, 2024/Cordros Report


The domestic bourse recorded its first positive performance of the week as gains in GTCO (+10.0%) and ZENITHBANK (+7.9%) offset the loss in NESTLE (-9.1%). As a result, the NGX ASI increased by 0.7% to settle at 99,980.30 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -1.2% and +33.7%, respectively.

The total volume traded advanced by 37.0% to 542.95 million units, valued at NGN8.70 billion, and exchanged in 9,650 deals. UBA was the most traded stock by volume and value at 93.71 million units and NGN2.07 billion, respectively.

From a sectoral perspective, the Banking (+6.1%) and Insurance (+1.3%) indices recorded gains, while the Oil & Gas (-0.3%) and Consumer Goods (-0.2%) indices settled lower. Meanwhile, the Industrial Goods index closed flat.

As measured by market breadth, market sentiment was positive (1.8x), as 35 tickers gained relative to 19 losers. GTCO (+10.0%) and UBA (+10.0%) recorded the highest gains of the day, while SUNUASSUR (-10.0%) and ETERNA (-9.8%) topped the losers’ list.


The naira appreciated by 0.9% to NGN1,595.11/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).


The overnight lending rate expanded by 79bps to 23.9%, in the absence of any significant funding pressure on the system.

Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 2bps to 16.9%. Across the curve, the average yield closed flat at the short end but declined at the mid (-1bp) and long (-3bps) segments following demand for the 175DTM (-3bps) and 343DTM (-27bps) bills, respectively. Elsewhere, the average yield pared by 1bp to 18.0% in the OMO segment.

Proceedings in the Treasury bond secondary market were mixed but with a bearish tilt, as the average yield expanded slightly by 1bp to 17.1%. Across the curve, the average yield expanded at the short (+2bps) end as market participants sold off the MAR-2027 (+10bps) bond but closed flat at the mid and long segments.  

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