At the end of yesterday s trading session, the Nigerian All Share Index closed negative, declining by 0.32% to close at 51,390.25 points.
Yesterday’s performance was due to selloffs in large-cap stocks such as BUACEMENT (-3.62%) and ETERNA (-0.29%). Consequently, the YTD return decreased to 20.31% as market capitalisation declined by ₦90.14 billion to close at ₦27.71 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined while two improved. The Insurance index, the biggest loser, declined by 2.96% on MANSARD (-5.00%). The Oil & Gas and Industrial indices followed suit, falling by 0.04% and 0.01% on ETERNA (-0.29%) and BUACEMENT (-3.62%) respectively. Conversely, the Consumer Goods and Banking indices, the gainers, improved by 0.31% and 0.05% on INTBREW (+7.41%) and ZENITHBANK (+2.05%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.44x from 1.08x. This was illustrated by the decline of 25 stocks, led by MULTIVERSE (-10.00%) and REDSTAREX (-9.82%) and the advance of 11 stocks, led by CWG (+10.00%) and CAVERTON (+9,84%). Activity level strengthened as the total volume and value improved by 72.69% and 22.65%, as investors exchanged about 198.82mn units of shares worth over ₦2.18bn.
There was bearish sentiment across the bond yield curve as three of the four bond yields under coverage closed higher while the FGN-JUL-2030 bond yield closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 bond papers advanced by 5bps, 78bps and 5bps respectively.
Each of the Treasury bill yields for the 91, 182 and 365-day papers compressed 1bp to close at 9.49%, 8.61% and 6.38% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system
- Domestic Bourse Starts the Week in Red, NGX ASI Sheds 32bps
- Bearish Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in Green
- Negative Performance in African Stocks