At the end of today’s trading session, the Nigerian All Share Index closed in negative territory, declining by 0.16% to close at 53,113.64 points.
Today’s performance was due to selloffs in large-cap stocks such as STANBIC (-2.35%) and WAPCO (-1.07%). Consequently, the YTD return decreased to 24.34% as market capitalisation declined by ₦47.31 billion to close at ₦28.63 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined, one improved while the Consumer goods index closed flat. The Oil & Gas index, the biggest loser, fell by 0.46% on OANDO (-3.33%).
The Banking and Industrial indices, followed suit, falling by 0.35% and 0.11% on STANBIC (-2.35%) and WAPCO (-1.07%) respectively. The insurance index, the sole gainer, rose by 0.16% on CORNERST (+1.62%).
Investors’ sentiment weakened as the market breadth declined to 0.32x from 0.88x. This was illustrated by the decline of 25 stocks, led by CAP (-9.93%) and CAVERTON (-7.83%) and the advance of 8 stocks, led by LEARNAFRCA (+9.72%) and SUNUASSUR (+9.37%).
Activity level strengthened as the total volume and value increased by 9.79% and 17.11% respectively, as investors exchanged about 299.99mn units of shares worth over ₦3.09bn.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage inched higher while the yields on the FGN-MAR-2024 and FGN-JUL-2030 bond paper compressed by 3bps and 4bps respectively. Conversely, the FGN-APR-2023 and FGN-JAN-2026 bond paper yields increased by 100bps and 4bps respectively.
Treasury bill yield for the 91-day paper closed flat at 3.48% while the yields on the 182 and 364-day paper inched higher by 27bps and 139bps to close at 4.43% and 6.45% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system
Market Snapshot
- Bears Outweighs the Bulls to Start the Week in Red, NGX ASI Sheds 16bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $124.69/barrel
- Negative Performance in African Stocks
