The Nigerian All Share Index extended its negative territory, falling by 0.29% to close at 49,546.38 points.
Yesterday’s performance was due to selling pressures in high-value stocks such as OKOMUOIL (-9.96%) and MTNN (-0.50%). Consequently, the YTD return decreased to 15.99% as market capitalisation declined by ₦78.10 billion to close at ₦26.72 trillion.
The sectoral performance significantly weakened as four of the five indices under coverage declined while the Banking index gained 0.18% on ZENITHBANK (+1.15%). The Insurance index, the biggest loser, shed 1.41% on NEM (-9.98%). The Industrial, Consumer Goods and Oil & Gas indices followed suit, falling by 0.51%, 0.33% and 0.10% on BUACEMENT (-1.37%), CADBURY (-8.05%) and ETERNA (-5.57%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 2.00x from 0.63x. This was illustrated by the advance of 24 stocks, led by FTNCOCOA (+10.00%) and REGALINS (+8.70%) and the decline of 12 stocks, led by NEM (-9.98%) and OKOMUOIL (-9.96%). Activity level was mixed as the total volume improved by 14.13% while the total value declined by 35.75%, as investors exchanged about 146.99mn units of shares worth over ₦2.65bn.
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 outing 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 remained constant at 9.30%, 10.96%, 12.90% and 12.80% respectively.
The Treasury bill yields for the 91 and 364-day papers closed flat at 3.94% and 6.80% respectively while the 182-day paper compressed by 1bp to close at 10.50%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Downward Trajectory Persists in the Local Bourse, NGX ASI Sheds 29bps
- Quiet Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $96.11/barrel
- Mixed Performance in African Stocks