The Equities Market Opened the Week on a Bearish Note…ASI Up by 13bp

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

The Nigerian equities market opened the week on a bearish note following bearish sentiments in bellwether stocks. The benchmark All Share Index (ASI) went down by 13bps to close at 42,357.90 with market capitalization shedding 28.65 to settle at N22.16tn. Consequently, the year-to-date performance moderated to 5.18%.

The breakdown across sectors shows indicates mixed performance with 3 out of the 5 sectors under coverage closing negative.

The banking, consumer goods and industrial indices contracted by 0.08%, 1.03% and 0.08% respectively following losses recorded in ACCESS (-1.61%), NESTLE (-3.65%) and JBERGER (-7.28%). Conversely, the insurance and oil & gas indices advanced by 0.37% and 0.22% on the back of bargain hunting in WAPIC (+9.26%) and SEPLAT (+1.02%).

Investors’ sentiment was positive as 35 stocks advanced while 28 stocks declined to indicate a 1.25x market breadth. Market activity level slows down with the volume and value of transaction declining by 12.40% and 8.61% respectively.

The Equities Market Opened the Week on a bearish Note...ASI Up by 13bps Brandspurng

Fixed Income Market

The bond market traded on a positive note with yield compressing across different maturities. The yield on the FGN-MAR-2025 and JUL-2030 declined by 32bps and 10bps to close at 6.35% and 8.9% respectively.

Treasury bills market traded on a  mixed noted as yield advanced on the 364-day maturities to 2.85% while that of the 92-day and 182-day tenor remained stable at 0.43% and 1.00% respectively.

Market Snapshot

  • The Equities Market Opened the Week on a bearish Note…ASI Up by 13bps
  • The bond market traded on a negative note as yield advanced on the mid-tenor instrument
  • U.S. Nasdaq Climbs 2% Amid Stock Rebound From Selloffs
  • Oil Gains With Broad Market Rally Adding to Tighter Supply View
  • Naira was stable against the USD at the  parallel market to close at N4809/$