The Nigerian All Share Index closed marginally negative at the end of yesterday’s trading session, falling by 0.01% to close at 49,676.75 points.
The performance was due to selling pressures in bellwether stocks such as NB (-2.86%) and ARDOVA (-1.22%). Consequently, the YTD return decreased to 16.29% as market capitalisation declined by ₦2.91 billion to close at ₦26.79 trillion.
The sectoral performance weakened as three of the five indices under coverage declined, the Banking index, gained 0.25% on FBNH (+0.46%) while the Industrial index closed flat. The Consumer Goods index, the biggest loser, fell by 0.26% on NB (-2.86%). The Insurance and Oil & Gas indices followed suit, declining by 0.24% and 0.05% on AIICO (-3.64%) and ARDOVA (-1.22%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 2.00x from 1.13x. This was illustrated by the advance of 18 stocks, led by TRANSEXPR (+9.52%) and UPDCREIT (+9.23%) and the decline of 9 stocks, led by CAVERTON (-9.57%) and JOHNHOLT (-8.99%). Activity level was mixed as the total volume improved by 20.38% while the total value declined by 52.90%, as investors exchanged about 232.94mn units of shares worth over ₦2.19bn.
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 lower while the FGN-JAN-2026 and FGN-JUL-2030 closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers compressed by 4bps and 35bps respectively.
The Treasury bill yield for the 91-day advanced by 763bps to close at 11.56%, the 182-day yield compressed by 398bps while the yield on the 364-day paper closed flat at 6.79%.
We expect market activity to be influenced by the liquidity levels in the financial system.
MARKET SNAPSHOT
- Local Bourse Starts the Week in Red, NGX ASI Marginally Loses 1bp
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $102.81/barrel
- Negative Performance in African Stocks
