Marginal Negative Performance In The Local Bourse

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Domestic Bourse Starts The Week In Red
Domestic Bourse Starts The Week In Red

At the end of today’s trading session, the Nigerian All Share Index closed in red, declining slightly by 0.01% to close at 51,557.41 points.

Today’s performance was due to selloffs in large-cap stocks such as WAPCO (-0.76%) and ACCESSCORP (-2.06%). Consequently, the YTD return decreased to 20.70% as market capitalisation declined by ₦3.41 billion to close at ₦27.81 trillion.

The sectoral performance was mixed as two of the five indices under coverage improved, two declined while the Consumer Goods index closed flat. The Banking and Oil & Gas indices improved by 0.15% and 0.09% on ZENITHBANK (+0.69%) and OANDO (+0.73%) respectively. Conversely, the Insurance and Industrial indices, the laggers, declined by 0.74% and 0.05% on CORNERST (-5.48%) and WAPCO (-0.76%) respectively.

Investors’ sentiment weakened as the market breadth decreased to 1.08x from 1.50x. This was illustrated by the advance of 13 stocks, led by CAVERTON (+9.91%) and ACADEMY (+9.88%) and the decline of 12 stocks, led by NAHCO (-7.31%) and CORNERST (-5.48%). Activity level was mixed as the total volume declined by 19.65% while the total value improved by 1.29%, as investors exchanged about 115.13mn units of shares worth over ₦1.78bn.

Marginal Negative Performance In The Local Bourse - Brand Spur

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.

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Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat while the FGN-JAN-2026 and FGN-JUL-2030 bond yields inched higher by 22bps and 52bps respectively. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers closed flat at 6.89% and 8.14% respectively.

The Treasury bill yields for the 91 and 365-day papers closed flat at 9.50% and 6.39% respectively while the 182-day compressed by 1bp to close at 8.62%.

We expect market activity to be influenced by the liquidity levels in the financial system

MARKET SNAPSHOT

  • Marginal Negative Performance in the Local Bourse, NGX ASI Sheds 1bp
  • Mixed Sentiment across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in Green
  • Positive Performance in African Stocks