The local equities market retracted from uptrend as bears dominated proceedings across small and large-cap tickers today. The benchmark All Share Index (ASI) waned by 116bps to 40,120.22 with market capitalization shedding N243.93bn to settle at N20.98tn. In summary, the Year to Date (YtD) performance slides to -0.37%.
The sectoral performance was however bullish as 4 out of the 5 sectors closing in the green zone. Insurance and Banking indices went up by 0.26% and 1.31 buoyed by gains in LINKASSURE (+8.47%), LASACO (+5.71%) and ZENITH BANK (+1.38%).
Equally, Consumer goods and oil & gas indices advanced by 0.42% and 6.98% following bargain hunting in INTEBREW (+2.99%), SEPLAT (+10.00%) and TOTAL (+10.00%). The industrial index, however, closed negative on the back of selloffs in DANGCEM (-8.13%) and WAPCO (-0.45%).
Investors’ sentiment measured by market breadth improves as 35 stocks advanced while only 11 stocks declined to indicate a 3.18x market breadth. Activity level was also positive as volume and value of transaction went up by 45.00% and 42.51% in that order.
The bond market closed on a muted note as the yield on short maturities compressed. Notably, the yield on the FGN-APR-2023 declined by 0.09% to close at 3.48% while Yield on FGN-JUL-2030 remain stable at 7.58%
Market Snapshot
- Equities Market Closed on a Negative Note…ASI Down by 1.16bps today
- The bond market traded on a quiet mood
- U.S. Stocks Advance amid Drop-in banking stocks
- Oil Surges on the back of Stimulus Hopes and Rally From Saudi Cuts
- Naira lost 0.42% against the USD at the parallel market to close at N472/$
