At the end of yesterday’s trading session, the Nigerian All Share Index closed in red, falling by 0.10% to close at 51,339.01 points.
Yesterday’s performance was due to selloffs in bellwether stocks such as BUACEMENT (-2.31%) and ZENITHBANK (-1.56%). Consequently, the YTD return decreased to 20.19% as market capitalisation declined by ₦28.05 billion to close at ₦27.69 trillion.
The sectoral performance weakened as three of the five indices under coverage declined, the Insurance index, gained 0.58% on REGALINS (+8.00%) while the Oil & Gas index, closed flat. The Industrial index, the biggest loser, declined by 1.53% on WAPCO (-0.38%). The Consumer Goods and Banking indices, followed suit, declining by 93bps and 0.67% on BUACEMENT (-2.31%) and ZENITHBANK (-1.56%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.67x from 0.44x. This was illustrated by the advance of 15 stocks, led by ACADEMY (+8.70%) and REGALINS (+8.00%) and the decline of 9 stocks, led by CHAMPION (-8.74%) and IKEJAHOTEL (-7.69%). Activity level weakened as the total volume and value declined by 41.95% and 44.72%, as investors exchanged about 115.41mn units of shares worth over ₦1.21bn.
Fixed Income
There was bearish sentiment across the bond yield curve as all the four bond yields under coverage closed higher. The yields on the FGN-APR-2023, FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers advanced by 32bps, 65bps, 9bps and 17bps respectively.
The Treasury bill yields for the 182 and 364-day papers closed flat at 8.61% and 6.38% respectively while the 91-day compressed by 28bps to close at 9.21%.
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 Loses 10bps
- Bearish Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in Red
- Negative Performance in African Stocks
