Equities market closed on a negative note as the bears dominated proceedings in the market today. The All Share Index (ASI) waned by 75 bps closing at 28, 44.49. Market capitalization also shed N113.07 billion to close at N14.87 trillion while the Year to Date performance settles at 6.07%.
Performance across sectors was majorly bearish as 4 out of the 5 sectors under coverage closed negative. Banking and industrial indices waned by 1.7% and 0.34% due to selloffs in ETI (-6.25%), UBA (-4.35%) and WAPCO (-4.42%) while Oil & Gas and Consumer goods indices declined by 0.30% and 0.13% due to negative sentiments in the shares of ARDOVA (-6.30%) and GUINNESS (-5.88%). Conversely, Insurance Index advanced by 0.57% on the back of bargain hunting in WAPIC (10.00%).
The bond market closed positive as average yield compressed across short, mid and long term instrument. Yields on the 5 years and 10 years FGN bond compressed by 0.03% and 0.96% respectively.
Market Snapshot
- Market contracts as unrest escalates…Investors lose N113bn.
- Positive sentiment was witnessed in the bond market.
- US Stocks Rise, Treasuries Slump on Aid-Deal Bets.
- Oil Falls After Report Shows Surprise U.S. Crude Stockpile Gain.
- Naira appreciated against USD across different widows.