Equities Market Tank Further…ASI Opened the week with an 8bps Loss

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

The bears maintain dominance in the local equities market as the benchmark All Share Index (ASI) went down by 8bps today to close at 40,154.09. Market capitalization also shed N17.18bn settling at N21.01tn.

Consequently, the year-to-date performance compressed further to -0.29%.

The mixed sentiment was witnessed across the major sectors under coverage with 3 of the 5 sectors under coverage closing negative. Insurance, Consumer goods and oil & gas indices went down by 0.13%, 0.08% and 0.55% on the back of selloffs in LASACO(-9.52%, UNILEVER(-2.51%) and WAPCO(-8.00%).

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

Banking and oil & gas indices however advanced by 0.08% and 0.19% following gains in the shares of STANBIC(+3.36%) and OANDO(+0.98%).

Investors’ sentiment measured by market breadth printed at 0.8x indicating a negative sentiment with 30 stocks advancing while 39 stocks declined.

Market activity level was mixed with the volume of transaction contracting by 5.99% while value advanced by 23.01%. Investors traded a total of 289 million units of shares valued at N3.57bn in 4,953 deals.

Equities Market Tank Further...ASI Opened the week with an 8bps Loss Brandspurng

Fixed Income Market

The bond market traded on a negative note with yield advancing across long dated instrument. Yield on the FGN-MAR-2035 and APR-2037advanced by 38bps and 82bps to closed at 11.33% and 11.37% respectively.

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Treasury bills market traded on a quiet note as yield remain stable across different tenors. Yield on the 92-day and 364-day maturities stabilized at 0.76% and 2.07% respectively.

Market Snapshot

  • Equities Market Tank Further…ASI Opened the week with an 8bps Loss
  • The bond market traded on a quiet note as yield went up across tenors
  • U.S. Stocks traded southward amid Inflation Angst
  • Brent crude climbs as Goldman Sachs projects further oil price Gains
  • Naira was stable against the USD at the parallel market to close at N480/$