Nigerian Equities Extends Bearish Run…Investors Lost N112.05bn

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

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%).

Nigerian Equities Extends Bearish Run...Investors Lost N112.05bn

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/$