Equities market halts uptrend on the back of selloffs in large and mid-cap stocks. Notably, the All-Share Index (ASI) waned by 30ps to 35,056.82 with market capitalization losing N41.97billion to close at N18.32tn. Consequently, Year to Date performance moderated to 30.60%.
Sector performance was majorly bearish with 4 sectors out of the 5 under our coverage closing negative. Banking and consumer goods index declined by 0.80% and 1.81% due to negative sentiments in the shares of GUARANTY(-2.57%) and NNFM(-9.67%).
Similarly, Industrial and oil and gas indices waned by 0.02% and 0.72% on the back of negative sentiments in CAP(-6.98%) and ARDOVA(-4.41%). Conversely, insurance index went up by 0.29% following gains in AIICO(+9.90%) and REGALINS(+9.90%).
The bond market traded on a mixed note as yield advanced on shorter maturities while those on longer maturities inches lower. The yield on the FGN-MAR-2023 rose by 0.25% to close at 2.02. However, Yield on FGN-MAR-2025 compressed by 0.01% to 1.28%.