Activity in the local equities market was quiet with investors taking a wait and look stand on global and domestic and global macroeconomic development.
Notably, the All-Share Index dropped marginally by 4bps closing at 35,021.26 with market capitalization shedding N6.53bn to settle at N18.30tn. Consequently, Year to Date (YtD) performance moderated to 30.47%.
A look at the sectoral performance shows a significantly bearish mood as 4 sectors closed on a negative note. Specifically, Insurance and oil & gas index declined by 1.04% and 0.37% following bearish sentiment in MBENEFIT (-8.33%) and ARDOVA (-8.65%).
Similarly, Banking and Consumer goods went down by 0.07% and 0.03% due to selloffs in UBA (-0.61%) and CHAMPION (-8.16%). However, the industrial index advanced by 0.10%
Investors’ sentiment measures by market breadth also show a bearish sentiment as 13 stocks advanced while 21 stocks declined to indicate a 0.68x market breadth. This is followed by a decrease in the volume traded by 7.76%% while value advanced by 4.46%.
The bond market extended the quiet mood as yield advanced marginally on shorter maturities while those on longer maturities remained stable. The yield on the FGN-MAR-2023 declined by 0.02% to close at 1.79. However, Yield on FGN-JUL-2030 remain stable at 4.96%
Market Snapshot
- Equities Market Traded on a Quiet Note…ASI Down Marginally by 4bps
- The bond market traded on a muted note with yield stabilizing on longer-term maturities
- US Stocks Waver Amid Stimulus Gridlock, Virus Surge
- Oil Rises Near $49 on U.S. Stimulus, Attack on Small Iraqi Wells
- Naira strengthened in the parallel market to close at N478/$