At the end of yesterday’s trading session, the Nigerian equities market recorded a flattish negative performance as the benchmark index declined by 0.01% to close at 47,262.61 points.
Yesterday`s performance was due to selloffs in large caps such as SEPLAT (-4.26%) and JBERGER (-0.75%). Consequently, the YTD return declined to 10.64% as market capitalisation decreased by ₦3.24 billion to close at ₦25.47 trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage improved, the industrial index closed flat while the Oil and Gas index, the only loser, declined by 2.40% on SEPLAT (-4.26%). The Banking index, the biggest gainer, improved by 0.67% on ZENITHBANK (+1.51%). The Insurance and Consumer Goods indices followed suit, increasing by 0.21%, and 0.16% on CORNERST (+9.38%), and DANGSUGAR(+0.64%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.06x from 1.05x. This was illustrated by the advance of 19 stocks, led by CORNERST (+9.38%) and WAPIC (+8.70%) and the decline of 18 stocks, led by NIGERINS (-8.70%) and AIICO (-5.71%). Activity level strengthened as the total volume and value increased by 62.76% and 34.47% respectively as investors exchanged about 291.88 million units of shares worth over ₦2.86 billion.
We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.
Fixed Income
There was bullish sentiment across the bond yield curve as three of the four bond yields under coverage closed lower, the yield on the FGN-JAN-2026 increased by 6bps. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 compressed by 4bps, 2bps and 30bps respectively.
Treasury bill yields for the 91, 182, and 364-paper closed flat at 3.21%, 3.56%, and 3.97% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Domestic Bourse Starts the Week in Red, NGX ASI Marginally Sheds 1bp
- Bullish Sentiment across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Commodities Market Closed in Green
- Negative Performance in African Stocks
