At the end of yesterday’s trading session, the Nigerian All Share Index closed negative, declining by 0.13% to close at 52,911.51 points.
Yesterday’s performance was due to profit-taking in bellwether stocks such as PRESCO (-10.00%) and STANBIC (-0.29%). Consequently, the YTD return decreased to 23.87% as market capitalisation decreased by ₦36.91 billion to close at ₦28.53trillion.
The sectoral performance marginally strengthened as three of the five indices under coverage improved. The Oil & Gas index, the biggest gainer, rose by 0.28% on CONOIL (+9.95%). The Banking, and Consumer Goods Indices, followed suit, rising by 0.10%, 0.05% on ETI (+0.42%), and FLOURMILL (+0.54%) respectively. Conversely, the Insurance and Industrial Indices, the losers, fell by 2.32% and 0.09% on NEM (-7.74%) and WAPCO (-1.22%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.92x from 1.08x. This was illustrated by the decline of 24 stocks, led by PRESCO (-10.00%) and GSPECPLC (-9.97%) and the advance of 22 stocks, led by CONOIL (+9.95%) and MRS (+9.93%). Activity level was mixed as the total volume decreased by 39.68% while the total value increased by 10.15%, as investors exchanged about 263.34mn units of shares worth over ₦3.55bn.
We expect bearish sentiment to persist in the next trading session due to profit-taking activities.
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage contracted while the FGN-APR-2023 and FGN-JAN-2026 bond paper closed flat. The FGN-MAR-2024 and FGN-JUL-2030 bond papers contracted by 3bps and 2bps respectively.
Treasury bill yields for the 91, 182 and 364-day bond papers closed flat at 2.99%, 3.61% and 4.86% respectively.
We expect market activity to be influenced by the outcome of the PMA later in the week.
- Local Bourse Starts the Week in Red, NGX ASI Sheds 13bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports at $110.65/Barrel
- Mixed Performance in African Stocks