The Nigerian equities market closed negative at the end of today’s session as the benchmark index declined by 0.05% to close at 43,230.34 points. This was mainly due to selloffs in bellwether stocks such as MTNN (-0.52%) and DANGSUGAR (-0.58%).
Consequently, the YTD return declined to 7.35% as market capitalisation decreased by ₦11.83 billion to close at ₦22.56trillion. The sectoral performance strengthened as four of the five indices under coverage improved while the Banking index declined by 0.37% on UBA (-2.96%).
The Oil & Gas index, the biggest gainer, improved by 0.08% on OANDO (+0.41%). The Insurance, Consumer Goods and Industrial indices followed suit, rising by 0.06%, 0.05% and 0.01% on MBENEFIT (+7.41%), FLOURMILL (+2.03%) and CUTIX (+9.89%) respectively.
Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.43x from 1.07x. This was illustrated by the advance of 20 stocks, led by CUTIX (+9.89%) and LIVESTOCK (+9.50%) and the decline of 14 stocks, led by VERITASKAP (-8.70%) and FTNCOCOA (-6.82%). Activity level weakened as total volume and value decreased by 6.80% and 7.75% as investors exchanged about 293.43 million units of shares worth over ₦4.29 billion. .
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. Fixed Income There was relatively bullish sentiment across the bond yield curve as 2 of the 4 bond yields under coverage closed lower, the yield on the FGN-JUL
-2030 increased by 6bps while the FGN-JAN-2026 closed flat at 11.47%. Both yields on the FGN-APR-2023 and FGN-APR-2024 bond papers compressed by 2bps. Treasury bill yields for both 182 and 364-day papers compressed by 1bp while the yield on the 91-day closed flat at 4.04%.
We expect a further decline in yields in the next trading session on the back of huge demand from investors and the deliberate efforts of the DMO to reduce borrowing costs.
Local Bourse Starts the Week in Red, NGX ASI Sheds 5bps
Bullish Sentiment across the Bond Yield Curve
Positive Sentiment in Global Stocks
Negative Performance in the Commodities Market
Negative Performance in African Stocks