Yesterday’s trading session at the NGX saw the Nigerian All Share Index closing in the negative territory, with a 0.07% decline to close at 51,791.45 points.
Yesterday’s performance was due to sell-off in large-cap stocks such as NB (-5.02%) and CONOIL (-9.90%). Consequently, the YTD return decreased to 21.24% as market capitalization fell by ₦20.61 billion to close at ₦27.92 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Consumer goods index, the biggest loser, fell by 0.94% on NB (-5.02%). The Oil & Gas and Industrial indices, followed suit, falling by 0.35% and 0.12% on CONOIL (-9.90%) and WAPCO (-1.51%) respectively. Conversely, both the Banking and Insurance indices, the gainers, improved by 0.17% and 0.14% on ZENITHBANK (+1.14%) and CHIPLC (+5.63%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.94x from 1.25x. This was illustrated by the decline of 18 stocks, led by CONOIL (-9.90%) and REDSTAREX (-9.09%) and the advance of 17 stocks, led by FIDSON (+9.82%) and LEARNAFRCA (+9.78%). Activity level strengthened as the total volume and value advanced by 52.82% and 65.33%, as investors exchanged about 194.12mn units of shares worth over ₦2.82bn.
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 bearish sentiment across the bond yield curve as three of the four bond yields under coverage inched higher while the FGN-JAN-2026 bond paper yield closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 bond paper increased by 53bps, 2bps and 2bps respectively.
The Treasury bill yields for the 91, 182 and 364-day papers inched up by 127bps, 64bps and 73bps to close at 6.31%, 6.73% and 6.92% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system
Market Snapshot
- Domestic Bourse Starts the Week in Red, NGX ASI Sheds 7bps
- Bearish Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Green
- Mixed Performance in African Stocks
