At the end of yesterday’s trading session, the Nigerian All Share Index closed in red, declining by 0.12% to close at 50,014.60 points.
The performance was due to selling pressures in bellwether stocks such as MTNN (-0.50%) and ACCESSCORP (-1.12%). Consequently, the YTD return decreased to 17.09% as market capitalisation declined by ₦32.83 billion to close at ₦26.98 trillion.
The sectoral performance was mixed as two of the five indices under coverage improved, two declined while the Oil & Gas index closed flat. The Insurance and Industrial indices, the biggest gainers, rose by 0.61% and 0.10% on AIICO (+3.70%) and WAPCO (+1.29%). On the flip side, the Banking and Consumer Goods, the losers, declined by 0.62% and 0.03% on ZENITHBANK (-0.23%) and INTBREW (-0.95%) respectively.
Investors’ sentiment weakened but positive as the market breadth increased to 1.40x from 2.00x. This was illustrated by the advance of 21 stocks, led by NAHCO (+10.00%) and FCMB (+9.84%) and the decline of 15 stocks, led by ABCTRANS (-6.67%) and JAIZBANK (-5.56%). Activity level was mixed as the total volume declined by 52.16% while the total value improved by 17.06%, as investors exchanged about 133.59mn units of shares worth over ₦2.44bn.
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.
There was quiet activity across the bond yield curve as all the four bond yields under coverage closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bonds closed flat at 9.30%, 10.99%, 12.35% and 12.49% respectively.
The Treasury bill yield for the 91-day paper compressed by 214bps, the 182-day yield increased by 275bps while the yield on the 364-day paper closed flat at 6.81% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Negative Performance Returns in the Local Bourse, NGX ASI Loses 12bps
- Quiet Activity across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @ $98.76/barrel
- Positive Performance in African Stocks