The Nigerian Equities market closed in bearish form at the end of today’s trading session as the benchmark index declined by 0.19% to close at 37,585.25 points. This was mainly due to the selling pressure in bellwether stocks such as CONOIL (-4.31%) and ZENITH BANK (-0.63%). Consequently, the YTD loss worsened to -6.67% as market capitalization declined by ₦37 billion to close at ₦19.59 trillion.
The Sectoral Performance was mixed as two of the five indices under coverage improved, Oil and Gas index weakened by 0.40% while the Consumer Goods and Banking indices closed flat at 571.60 and 365.83 points respectively. The Insurance and Industrial indices,, the gainers, improved by 0.20% and 0.10% respectively.
Investor sentiment weakened in today’s trading session, as market breadth declined to 0.72x from 2.50x. This was illustrated by the advance of 13 stocks, led by IKEJA HOTEL (10.00%) and FIDSON (7.91%), and the decline of 18 stocks, led by BOCGAS (-9.95%) and ROYALEX (-7.94%).
Activity level was mixed as total volume declined by 19.35% while the total value improved by 42.60% as investors exchanged about a 163.50million units of shares worth over an N3.44billion respectively.
Fixed Income
The activity level was quiet across the bond yield curve as three of the four bond yields under coverage closed flat except the FGN-JUL-2030 yield that increased by 0.15%. The FGN-APR-2023, FGN-APR-2024 and FGN-JAN-2026 bond yields closed flat at 11.49%, 11.88% and 12.60% respectively.
Treasury bill yields for the 90, 180 and 365-day papers closed at 4.79%, 5.93% and 9.68% respectively.
We expect investor sentiment to be swayed by the search for real positive returns and developments in the fixed income space.
MARKET SNAPSHOT
- The Local Bourse opens the Week in Red, NSE ASI Sheds 19bps
- Quiet Activity Level across the Bond Yield Curve
- Bearish Performance in Global Stocks
- Parallel Market Reports at N502/$
- Bearish Sentiment in African Stocks
