At the end of yesterday’s trading session, the Nigerian All Share Index closed in red, declining by 1.82% to close at 51,949.64 points.
Yesterday’s performance was due to profit-taking in bellwether stocks such as GUINNESS (-10.00%) and MTNN (-7.63%). Consequently, the YTD return decreased to 21.62% as market capitalisation decreased by ₦518.55 billion to close at ₦28.01trillion.
The sectoral performance totally weakened as all the five indices under coverage declined. The Consumer goods index, the biggest loser, fell by 1.21% on GUINNESS (-10.00%). The Insurance, Industrial, Banking and Oil & Gas Indices, followed suit, falling by 1.09%, 0.61%, 0.39% and 0.32% on MANSARD (-9.73%), DANGCEM (-1.00%), GTCO (-2.13%) and ARDOVA (-6.00%) respectively.
READ ALSO: Local Bourse Loses Grip of its Positive Streak as NGX ASI Dips 19bps
Investors’ sentiment weakened as the market breadth decreased to 0.41x from 0.92x. This was illustrated by the decline of 39 stocks, led by GUINNESS (-10.00%) and GSPECPLC (-9.77%) and the advance of 16 stocks, led by JAPAULGOLD (+10.00%) and IMG (+9.89%). Activity level was strengthened as the total volume and value increased by 173.48% and 149.79% respectively, as investors exchanged about 720.19mn units of shares worth over ₦8.87bn.
We expect bearish sentiment to persist in the next trading session due to profit-taking activities.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat, the FGN-APR-2023 bond paper yield inched higher by 9bps while the yield on the FGN-JUL-2030 bond paper declined by 15bps. The yields on the FGN-MAR-2024 and FGN-JAN-2026 bond paper closed flat 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.
Market Snapshot
- Bearish Sentiment Persists in the Domestic Bourse, NGX ASI Dips 182bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodity Market Closes in Green
- Negative Performance in African Stocks
