The Local equities market continues on a southward movement recording loss in 7 consecutive trading sessions. The benchmark All Share Index (ASI) went down by 13 bps today to close at 41,510.16 with market capitalization shedding N28.33bn settling at N21.72tn.
Consequently, the year-to-date performance compressed to 3.08% Bearish sentiment was witnessed across all sectors under coverage with insurance and banking index dropping by 1.73% 0.52 % following losses recorded in WAPIC (-5.26%) and ZENITH BANK (-0.77%). Consumer goods, industrial and oil & gas indices also closed negative on the back of selloffs in NNFM(-9.94%), WAPCO (-0.56%) and ARDOVA (-5.79%).
Investors’ sentiment was however flat at 1.0x market breadth as 23 stocks advanced while 23 stocks also declined. Market activity level was mixed with the volume of transaction contracting by 10.10% while value advanced by 5.37%. Investors traded a total of 305 million units of shares valued at N3.95bn in 4,969 deals.
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-2025 and JUL-2030 advanced by 104bps and 7bps to closed at 7.36% and 10.25% 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
Market Snapshot
- Market Contracted in 7 Consecutive Trading Sessions…ASI Lost 0.13% Today
- The bond market traded on a quiet note as yield went up across tenors
- U.S. Stocks Halts Rally Amid Profit Taking
- Oil Wavers With Weaker Cargo Demand Signaling Overdone Rally
- Naira was stable against the USD at the parallel market to close at N480/$
