The local equities market continues on a negative trend amid profit-taking and earnings releases. The benchmark All Share Index (ASI) went down by 51bps to close at 41,785.80 with market capitalization losing N112.05bn to settle at N21.86tn. Consequently, the year-to-date performance compressed to 3.76%.
Significant bearish sentiments were witnessed across sectors as 4 out of the 5 indices closing negative. Notably, the insurance and banking indices advanced contracted by 1.11% and 0.31% due to negative sentiments in LINKASSURE (-9.59%) and ZENITH BANK(-0.74%).
Similarly, consumer goods and industrial indices went down by 0.13% and 1.19% on the back of losses recorded in CHAMPION(-9.73%) and DANGCEM(-2.54%). Oil & gas index, however, went up 0.32% as a result of gains recorded in JAPAULGOLD(+9.84%)
Investors’ sentiment was also negative as only 22 stocks advanced while 25 stocks declined to indicate a 0.88x market breadth. Market activity was positive both the volume and value of transaction advanced by 24.68% and 50.29% respectively.
Fixed Income Market
The bond market traded on a positive note with yield compressing across short and long-dated instruments. The yield on the FGN-MAR-2024 and JUL-2030 both declined by 1bps to 6.11% and 8.87% respectively.
Treasury bills market traded on a quiet note as yield remain stable across different tenors. The yield on the 92-day and 182-day remained stable at 0.43% and 1.00% while that of 364-day maturities compressed to 2.04.
Market Snapshot
- Nigerian Equities Extends Bearish Run…Investors Lost N112.05bn Today
- The bond market traded on a quiet note as yield compressed marginally across tenors
- U.S. Stocks Climb Amid Small-Cap Rally
- Oil Resumes Climb With Focus on Saudi Commitment to Curb Supply
- Naira was stable against the USD at the parallel market to close at N480/$
