The Nigerian All Share Index closed in red at the end of yesterday’s trading session, declining by 0.05% to close at 49344.67 points.
The performance was due to selloffs in bellwether stocks such as GTCO (-0.25%) and MRSOIL (-0.69%). Consequently, the YTD return decreased to 15.52% as market capitalisation declined by ₦13.99 billion to close at ₦26.61 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined. The Banking index, the biggest loser, fell by 0.69% on ETI (-5.56%). The Insurance and Oil & Gas indices followed suit, declining by 0.11% and 0.07% on LASACO (-8.65%) and MRSOIL (-0.69%). Conversely, the Consumer Goods and Industrial indices, the gainers, improved by 0.07% and 0.02% on HONYFLOUR (+8.68%), and WAPCO (+0.21%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.47x from 0.93x. This was illustrated by the advance of 9 stocks, led by COURTVILLE (+9.09%) and HONYFLOUR (+8.68%) and the decline of 19 stocks, led by FTNCOCOA (-9.09%) and LASACO (-8.65%). Activity level weakened as the total volume and value declined by 7.18% and 19.97%, as investors exchanged about 122.74mn units of shares worth over ₦1.30bn.
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 bullish sentiment across the bond yield curve as three of the four bond yields under coverage closed lower while the yield on the FGN-JAN-2026 bond closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 bonds compressed by 221bps, 1bp and 1bp respectively.
The Treasury bill yields for the 91 and 364-day papers closed flat at 3.93% and 6.80% respectively while the 182-day paper compressed by 1bp to close at 10.49%.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Domestic Bourse Starts the Week Negative, NGX ASI Sheds 5bps
- Bullish Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in Red
- Negative Performance in African Stocks
