Local bourse declined for 3 consecutive trading session amid extended profit-taking and reaction to yesterday’s inflation report. Specifically, the All-Share Index (ASI) dropped by 153bps to 34,242.83 while market capitalization lost N277.60bn to settle at N17.89tn today. Consequently, Year to Date performance print at +29.55% indicating a 2.27% loss this week.
Sectorial performance was significantly bearish as 4 sectors out of the 5 under coverage closed negative. Industrial and consumer goods indices both declined by 3.33% and 3.25% following selloffs in the shares of DANGCEM(-6.45%), PORTPAINT (-9.97%), CADBURY (-8.62%) and HONYFLOUR(-8.62%).
In similar fashion, Oil & gas and insurance indices waned by 0.87% and 0.49% due to negative sentiments in OANDO(-10.00%) and WAPIC(-10.00%). Conversely, Banking index advanced by 0.75% on the back of bargain hunting in the shares of GUARANTY (+2.78%).
Investors’ sentiments measured by market breadth improved as 17 stocks advanced while 30 stocks declined leading to a market breadth of 0.57x compared to the 0.23x yesterday. Likewise, volume and value of stock traded advanced by 25.80% and 53.15% respectively as JAIZBANK and ZENITH BANK top the volume and value’s table respectively.
The bond market closed on a bullish note as yield compressed on short and long-dated maturities. Yields on the 10 years FGN bond compressed by 0.07% to 4.42% while that of its 5 years counterpart compressed to 2.36%.
Market Snapshot
- Equities Market Continues Losing Streak for 3 Consecutive Trading Session
- The bond market traded on a positive note as yield compressed further
- US Stocks Pull Back From Records With Virus in Focus
- Oil Slips Near $41 With OPEC+ Meeting to Review Output Underway
- Naira maintain stability against the USD in the parallel market
