At the end of yesterday’s trading session, the Nigerian All Share Index closed in red, declining by 0.31% to close at 51,803.98 points. Yesterday’s performance was due to profit-taking in bellwether stocks such MTNN (-2.04%) and NGXGROUP (-6.71%).
Consequently, the YTD return decreased to 21.27% as market capitalisation declined by ₦85.65 billion to close at ₦27.93 trillion.
The sectoral performance weakened as four of the five indices under coverage declined while the Consumer Goods index, the sole gainer, advanced by 0.29% on NB (+1.81%). The Oil & Gas index, the biggest loser, declined by 0.47% on OANDO (-3.39%). The Insurance, Industrial and Banking indices, followed suit, declining by 0.06%, 0.03% and 0.02% on AIICO (-1.56%), WAPCO (-0.37%) and GTCO (-0.72%) respectively.
Investors’ sentiment was weakened as the market breadth decreased to 0.53x from 1.13x. This was illustrated by the decline of 19 stocks, led by UPL (-9.72%) and NGXGROUP (-6.71%) and the advance of 10 stocks, led by SOVRENINS (+8.00%) and CHAMS (+4.17%). Activity level strengthened as the total volume and value increased by 18.05% and 393.67%, as investors exchanged about 314.61mn units of shares worth over ₦12.85bn.
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 mixed sentiment across the bond yield curve as two of the four bond yields under coverage compressed while the FGN-MAR-2024 and FGN-JUL-2030 bond paper yields inched higher by 7bps and 5bps respectively. The yields on the FGN-APR-2023 and FGN-JAN-2026 bond papers declined by 2bps and 20bps respectively.
The Treasury bill yields for the 91 and 182-day paper declined by 1bp and 8bps to close at 3.47% and 6.05% respectively while the 364-day paper yield closed flat at 6.09%.
We expect market activity to be influenced by the liquidity levels in the financial system
Market Snapshot
- Domestic Bourse Reverses Previous Day`s Gain, NGX ASI Dips 31bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Mixed Performance in African Stocks
