The Nigerian All Share Index declined today by 0.06% to close at 50,594.97 points at the end of the mid-week trading session.
The performance was due to profiting-taking activities in large-cap stocks such as MTNN (-0.09%) and BUACEMENT (-2.24%). Consequently, the YTD return decreased to 18.44% as market capitalization declined by ₦16.76 billion to close at ₦27.28 trillion.
The sectoral performance weakened as three of the five indices under coverage declined. The Industrial index, the biggest loser, declined by 0.45% on BUACEMENT (-2.24%).
The Banking and Insurance indices, followed suit, declining by 0.32% and 0.09% on UBA (-0.71%) and CORNEST (-9.33%) respectively. Conversely, the Consumer Goods and Oil & Gas Indices, the gainers, improved by 0.39% and 0.28% on FLOURMILL (+1.64%) and ARDOVA (+4.17%) respectively.
Investors’ sentiment weakened but positive as the market breadth decreased to 1.47x from 2.11x. This was illustrated by the advance of 22 stocks, led by LASACO (+10.00%) and UPDC (+9.71%) and the decline of 15 stocks, led by LEARNAFRCA (-10.00%) and UPL (-9.79%). Activity level was mixed as the total volume declined by 6.20% while the total value improved by 45.69%, as investors exchanged about 121.16mn units of shares worth over ₦4.17bn.
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 mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed higher while the yield on the FGN-APR-2023 and FGN-MAR-2024 closed flat. The yields on the FGN-JAN-2026 and FGN-JUL-2030 bonds both inched higher by 4bps.
The Treasury bill yields for the 91, 182 and 364-day papers closed flat, at 6.09%, 7.78% and 6.82% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Domestic Bourse Closes in Negative Territory, NGX ASI Sheds 6bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Mixed Performance in African Stocks
