Equities Market Extends Bearish Sentiment to the New Week…ASI lost 35bps

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

The Local equities market opened the week on a negative note as bearish sentiment dominated various segments of the market.

The benchmark All Share Index (ASI) went down by 35bps today to close at 41,564.31 with market capitalization shedding N371.97bn to settle at N21.74tn. Consequently, the year-to-date performance compressed to 3.21%.

Performance across sectors was majorly bearish with 4 out of the 5 indices under coverage closing negative. The insurance and oil & gas indices declined by 0.84% and 0.01% on the back of negative sentiments in CORNERST (-9.23%), and ETERNA (-0.87%).

Similarly, Banking and consumer goods indices went down by 2.68% and 0.26% on the back of sell down in GUARANTY (-8.75%) and CHAMPIONS (-9.75%).

Investors’ sentiment was however positive as 23 stocks advanced while 16 stocks declined to indicate a 1.44x market breadth. Market activity level slows down with both the volume and value of transaction declining by 29.43% and 52.68% respectively.

Equities Market Extends Bearish Sentiment to the New Week...ASI lost 35bps

Fixed Income Market

The bond market traded on a negative note with yield advancing across the short and long-dated instrument. The yield on the FGN-MAR-2024 and JUL-2030 closed at 6.61% and 10.19% respectively.

Treasury bills market traded on a  quiet note as yield remain stable across different tenors. The yield on the 92-day, 182-day and 364-day maturities stabilized at 0.40%, 1.00% and 2.04% respectively.

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Market Snapshot

  • Equities Market Extends Bearish Sentiment to the New Week…ASI lost 35bps
  • The bond market traded on a quiet note as yield went up across tenors
  • U.S. Stocks Rise for 6th Day as Crude Oil Gains
  • Brent Oil Tops $60 With Return to Normal Demand in Sight
  • Naira was stable against the USD at the parallel market to close at N480/$