The Nigerian equities market reverse its uptrend following losses in bellwether tickers in the Industrial sector. At the close of market proceedings, the NSE ASI contracted by 57bps to 39,267.11 while the market capitalization shed N118.38bn to print at N20.54tn.
In summary, the YtD performance moderated to -2.49%.
Across sectors, performance was mixed with the Industrial (-1.90%) index topping the losers’ table followed by a 0.50% and 0.16% decline in Insurance and Oil & Gas indices. The drop in the industrial index is attributable to a 4.02% decline in DANGCEM while PRESTIGE (-8.89%) and JAPAULGOLD (-2.22%) dragged the Insurance and Oil & Gas indices respectively.
On the flip side, the Banking and the Consumer Goods indices advanced by 0.94% and 0.07% on the back of gains recorded in ZENITHBANK (2.49%) and GUINNESS (1.44%) respectively.
With 22 stocks advancing and 13 stocks declining today, the market breadth contracted from 2.33x to 1.69x indicating a weaker sentiment when compared to the previous trading session. Similarly, the activity level weakens as the volume and value of transactions plunged by 35.63% and 69.31%. Notably, investors traded a total of 336.13 million units of shares worth N3.27bn.
In the bond market, the yields on the short-term maturities dropped, while those of long-term maturities increased. The FGN-MAR-2024 bond yield declined by 1bps to 7.49%, along with the FGN-MAR-2025 which declined by 1bp to 10.48%. On the other end of the curve, the FGN-JUL-2045 bond yield advanced by 6bps to 11.90%, and the FGN-MAR-2050 bond yield climbed up 14bps to 11.67%.
Treasury bill yields remained stable for the 91-day and 365-day instruments at 2.80%, and 6.64%, while the yield for the 180-day instrument compressed by 28bps to 4.34%.
Market Snapshot
- Equities Market Contracts, Benchmark Index Lost 57bps
- Bond Yields Compress on the Short End of the Curve and Rise on the Long End
- US Stocks Drop Further Amid Virus Risk
- Oil Falls with Stronger Dollar Compounding Latest Virus Risks
- Naira Weakens Against the USD at the Parallel Market to ₦486/1$