The Nigerian equities market dips further as the ASI compressed by 1.09% to 39,522.06. At the close of trading today, market capitalization lost N82.35bn to settle at N20.60tn moderating the year-to-date performance to -2.25%.
Across sectors, the Insurance index led the losers’ chart following selloffs in NEM (-9.95%) and LINKASSURE (-9.80%). Similarly, the Banking, Consumer Goods and Oil & Gas indices tapered by 1.54%, 1.47% and 0.65% respectively as a result of sell pressures in ETI (-3.85%), NNFM (-9.97%) and ARDOVA (-9.85%).
The Industrial index however went up by 0.19% due to gains recorded in WAPCO (+3.59%).
Investor sentiment as measured by the market breadth closed negative at 0.26x arising from 12 advancers and 47 decliners. The activity level improves as both the volume and value of transactions advanced by 101.84% and 14.40% respectively.
Notably, the most traded stocks by volume were UNIVERSE (83.26mn units), ZENITH BANK (38.65mn units) and FBNH (31.25mn units) while PRESCO (N1.05tn), ZENITH BANK (N983.25bn) and DANGCEM (N233.50bn) topped the value table.
Fixed Income Market
The yields on shorter maturities compressed marginally at the bond market today. Particularly, the yield on the FGN-APR-2023 and MAR-2024 bonds declined by 14bps and 1bps to close at 6.96% and 6.81% respectively.
The Treasury bills market traded on a quiet note as yields remain stable across the 91-day and 364-day tenors. The yield on the 184-day maturities however compressed by 15bps to settle at 1.87%.
Market Snapshot
- The Bears Maintain a Grip on the Local Equities Market…ASI Down by 1.09%
- The Bond Market Closed on a Quiet Note as Yields Stay Put on Longer Tenors
- US Stocks Decline Further amid Continuous Spike in Treasury Yields
- Oil Rallies After Saudi Oil Minister Urges OPEC+ Supply Caution
- Naira Remains Stable Against the USD at the Parallel Market to Close at N480/$
