Equities Market Retracts Amid Slump In Bellwether Stocks


Bears return to the equities market today with negative sentiments witnessed in some large-cap stocks such as DANGCEM (-3.51%) and ZENITH BANK (-1.38%).

At the close of market proceedings, the All-Share Index waned by 0.60% to close at 38,697.17. Similarly, the market capitalization lost N122.47bn to settle at N20.25tn.

The performance across sectors indicates mixed sentiments as 3 sectors closed positive while 2 traded southwards. The Insurance, Banking and Consumer Goods indices went up by 0.69%, 0.42%, and 0.01% respectively on the back of gains recorded in NEM (5.11%), GUARANTY (0.81%) and INTBREW (9.89%).

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On the other hand, the Industrial and Oil & Gas indices went down by 1.70% and 0.03% following losses in DANGCEM (-3.51%).

Investor sentiment as measured by the market breadth however turned positive arising from 23 advancers and 11 decliners. The activity level was weak as both volume and value of transactions declined by 54.01% and 56.83% respectively. Investors traded a total of 169.35 million units of shares valued at N2.12bn in 3,568 deals.

Fixed Income Market

The yields in the bond market trended higher on the back of selloffs across short and mid-tenor maturities. Notably, the yields on the FGN-APR-2024 and APR-2029 advanced by 26bps and 15bps respectively.

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At the NTB market, the yields on the 91-day and 364-day maturities advanced stabilized at 0.94 and 4.16% respectively while that of the 184-day maturity went up by 1.56% to 3.60%.

Equities Market Retracts Amid Slump In Bellwether Stocks - Brand Spur
Market Snapshot