At the end of yesterday’s trading session, the Nigerian All Share Index closed negative, declining by 0.64% to close at 52,775.40 points.
Yesterdays performance was due to sell pressures in large-cap stocks such as MTNN (-2.38%) and NGXGROUP (-0.80%). Consequently, the YTD return decreased to 23.55% as market capitalisation declined by ₦182.36 billion to close at ₦28.45 trillion.
The sectoral performance was marginally weakened as three of the five indices under coverage declined. The Banking index, the biggest loser, fell by 2.01% on ZENITHBANK (-1.98%). The Insurance and Consumer Goods indices, followed suit, falling by 0.87% and 0.53% on LINKASSURE (-8.93%) and INTBREW (-6.12%) respectively. Conversely, the Oil & Gas and Industrial indices, the gainers, rose by 0.07% and 0.04% on OANDO (+0.52%) and WAPCO (+0.72%).
Investors’ sentiment strengthened but negative as the market breadth improved to 0.42x from 0.32x. This was illustrated by the decline of 26 stocks, led by MEYER (-10.00%) and LINKASSURE (-8.93%) and the advance of 11 stocks, led by TRIPPLEG (+9.20%) and LEARNAFRCA (+5.49%). Activity level weakened as the total volume and value decreased by 37.30% and 23.76% respectively, as investors exchanged about 188.09mn units of shares worth over ₦2.36bn.
Fixed Income
There was bullish sentiment across the bond yield curve as three of the four bond yields under coverage compressed while the FGN-APR-2023 inched higher by 16bps. The FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers compressed by 1bp, 1bp and 2bps respectively.
The 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 29bps and 14bps to close at 4.72% and 6.59% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system
MARKET SNAPSHOT
- Downward Trajectory Persists in the Local Bourse, NGX ASI Sheds 64bps
- Bullish Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $120.40/barrel
- Negative Performance in African Stocks
