At the end of today’s trading session, the Nigerian equities market closed in red as the benchmark index declined by 0.15% to close at 43,285.97 points. This was mainly due to selloffs in bellwether stocks such as FBNH (-6.50%) and NGXGROUP (-2.23%).
Consequently, the YTD return declined to 7.49% as market capitalisation decreased by ₦33.36 billion to close at ₦22.59trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. Both Banking and Oil & Gas indices, the biggest losers, declined by 0.19% on FBNH (-6.50%) and OANDO (-1.02%) respectively. Also, the Industrial index followed suit, declining by 0.12% on WAPCO (-1.96%). On the flip side, the Insurance and Consumer Goods indices followed suit, rising by 0.59% and 0.14% on MANSARD (+6.33%) and VITAFOAM (+10.00%) respectively.
Investor sentiment weakened at the end of today’s trading session, as market breadth decreased to 0.52x from 0.58x. This was illustrated by the advance of 12 stocks, led by VITAFOAM (+10.00%) and ETRANZACT (+10.00%) and the decline of 23 stocks, led by CHAMS (-8.70%) and REGALINS (-7.50%). Activity level weakened as total volume and value decreased by 20.49% and 57.17% as investors exchanged about 210.55 million units of shares worth over ₦2.61 billion.
There was mixed sentiment across the bond yield curve as 2 of the 4 bond yields under coverage closed lower while the yields on the FGN-APR-2023 and FGN-JAN-2026 bond closed flat at 8.58% and 11.47% respectively. Both yields on the FGN-APR-2024 and FGN-JUL-2030 bond papers compressed by 1bp.
Treasury bill yields for the 91 and 182-day papers closed flat at 4.04% and 5.12% respectively while the 364-day paper compressed by 26bps to close at 6.57%.
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.
- Negative Performance Persists in the Local Bourse , NGX ASI Sheds 15bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Sentiment in Global Stocks
- Negative Performance in Commodities Market
- Negative Performance in African Stocks