Local Bourse Starts The Week In Bearish Form, NSE ASI Sheds 166bps

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The Nigerian All-Share Index declined, by 0.02% to close at 54,924.08 points. The performance was due to profit-taking in  bellwether stocks such as GTCO (-0.20%) and ACCESSCORP (-2.25%). Consequently, the YTD return decreased to 7.17% as market capitalisation decreased by ₦6.55 billion to close at 29.92 trillion.
Local Bourse Extend Losses

The equities market closed in red at the end of today’s trading session as the benchmark index declined by 1.66% to close at 38,507.29 points.

This was mainly due to the sell pressure in bellwether stocks such as AIRTELAFRI (-10.00%) and OKOMUOIL (-9.44%). Consequently, the YTD loss worsened to -4.38% as market capitalization decreased by  ₦341 billion to close at  ₦20.07 trillion.

The Sectoral Performance strengthened as three of the five indices under coverage improved, one declined while the Industrial index remained flat at 1,952.42. The Insurance index, the biggest gainer, improved by 0.41%, followed by the Banking (0.16%) and Oil and Gas (0.13%) indices respectively. Conversely, the Consumer Goods index, the only loser, declined by 0.18%.

Investor sentiment weakened in today’s trading session, as market breadth declined to 0.69x from 1.56x. This was illustrated by the advance of 19 stocks, led by  CWG (9.73%) and BERGER (6.72%), and the decline of 26 stocks, led by AIRTELAFRI (-10.00%) and OKOMUOIL (-9.44%).

Activity level improved as total volume and value increased by 2.86% and 2.82% respectively as investors exchanged about 297.35million units of shares worth over N3.65billion.

Fixed Income

Activity across the bond yield curve was mixed as 2 of the 4 bond yields under coverage declined. Both FGN-APR-2023 and FGN-APR-2024  yields declined by 0.01% while the FGN-JUN-2026 and FGN-JUL-2030 yields increased by 0.17% and 0.05% respectively.

Treasury bill yields for the 90, 180 and 365-day papers closed at 4.71%, 6.28% and 9.77%.

We expect bullish momentum to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real return on investments.

MARKET SNAPSHOT

  • Local Bourse Starts the Week in Bearish Form, NSE ASI Sheds 166bps
  • Mixed Sentiment across the Bond Yield Curve
  • Bullish Performance in Global Stocks 
  • Parallel Market Reports at N505/$.
  • Mixed Sentiment in African Stocks