Domestic Bourse Starts The Week In Red, NGX ASI Sheds 111bps

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

At the end of yesterday’s trading session, the Nigerian All Share Index closed negative, declining by 1.11% to close at 51,400.53 points.

 

Yeterday’s performance was due to selloffs in bellwether stocks such as MTNN (-6.99%) and GTCO (-0.24%). Consequently, the YTD return decreased to 20.33% as market capitalisation declined by ₦312.77 billion to close at ₦27.72 trillion.

The sectoral performance strengthened as four of the five indices under coverage advanced while the Oil & Gas index declined by 0.03% on OANDO (-0.19%). The Banking index, the biggest gainer, rose by 1.03% on ZENITHBANK (+4.58%). The Consumer Goods, Insurance and Industrial indices, followed suit, improving by 0.12%, 0.06% and 0.04% on INTBREW (+2.78%), CORNERST (+4.17%) and WAPCO (+7.31%) respectively.

Investors’ sentiment strengthened but negative as the market breadth increased to 0.76x from 0.50x. This was illustrated by the decline of 17 stocks, led by MTNN (-6.99%) and UCAP (-5.51%) and the advance of 13 stocks, led by CAP (+10.00%) and NAHCO (+10.00%). Activity level weakened as the total volume and value declined by 51.79% and 17.77%, as investors exchanged about 98.85mn units of shares worth over ₦2.51bn.

Domestic Bourse Starts The Week In Red, NGX ASI Sheds 111bps - 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 higher while the yields on the FGN-JAN-2026 and FGN-JUL-2030 closed flat at 11.30% and 11.78% respectively. The bond paper yields on FGN-APR-2023 and FGN-MAR-2024 inched higher by 18bps and 182bps respectively.

The Treasury bill yields for the 91 and 182-day papers compressed by 1bp and 1bp to close at 9.18% and 8.59% respectively while the 364-day closed flat at 6.37%.

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

MARKET SNAPSHOT

  • Domestic Bourse Closes the Week in Red, NGX ASI Sheds 111bps
  • Mixed Sentiment across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in Red
  • Negative Performance in African Stocks