At the end of today’s trading session, the Nigerian Equities market closed in red as the benchmark index declined by 0.32% to close at 38,801.51 points.
This was mainly due to sell pressures in bellwether stocks such as ARDOVA (-6.25%) and GTCO (-1.23%). Consequently, the YTD loss worsened to -3.65% as market capitalisation decreased by ₦64 billion to close at ₦20.22 trillion.
The Sectoral Performance strengthened as three of the five indices under coverage improved. The Consumer Goods index, the biggest gainer, improved by 0.26% on DANGSUGAR (1.65%). The Insurance and Industrial indices followed suit, rising by 0.25% and 0.04% on CHIPLC (8.93%) and DANGCEM (0.04%) respectively. On the flip side, the Banking and Oil & Gas indices, the losers under coverage, declined by 0.30% and 0.04% on GTCO (-1.23%) and ARDOVA (-6.25%) respectively.
Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.13x from 0.84x . This was illustrated by the advance of 18 stocks, led by CONOIL (10.00%) and CHIPLC (8.93%), and the decline of 16 stocks, led by ARDOVA (-6.25%) and VERITASKAP (-4.00%).
Activity level was mixed as total volume declined by 32.24% while the total value increased by 31.67% as investors exchanged about 139.78 million units of shares worth over N1.41 billion respectively.
Fixed Income
There was mixed activity across the bond yield curve as two of the four bond yields under coverage closed flat while the yields on FGN-APR-2024 and FGN-JAN-2026 bonds compressed by 1bps and 9bps respectively. The FGN-APR-2023 and FGN-JUL-2030 bond yields closed flat at 10.18% and 12.42% respectively.
Treasury bill yields for the 90, 180 and 365-day papers compressed by 3bps, 20bps and 12bps to close at 3.66%, 5.56% and 8.48% respectively.
We expect investor sentiment to be swayed by the search for real positive returns and developments in the fixed income space.
MARKET SNAPSHOT
- Bearish Performance in the Local Bourse, NSE ASI Shed 32bps
- Mixed Activity across the Bond Yield Curve
- Bullish Performance in Global Stocks
- Parallel Market Reports at N508/$
- Mixed Sentiment in African Stocks
