NGX ASI Dips By 0.15% As Market Capitalisation Lose N33.36bn To Close At ₦22.59trillion

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Domestic Bourse Closes In Negative Territory
Domestic Bourse Closes In Negative Territory

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.

NGX ASI Dips By 0.15% As Market Capitalisation Lose N33.36bn To Close At ₦22.59trillion
NGX ASI Dips By 0.15% As Market Capitalisation Lose N33.36bn To Close At ₦22.59trillion

Fixed Income
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.

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MARKET SNAPSHOT

  • 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