The Nigerian All Share Index extended its negative streak, falling by 0.09% to close at 49,599.73 points at the end of yesterday’s trading session. The Performance was due to profit taking in large-cap stocks such as NB (-0.10%) and UCAP (-0.83%). Consequently, the YTD return decreased to 16.11% as market capitalisation fell by ₦24.38 billion to close at ₦26.75 trillion.
The sectoral Performance weakend marginally as three of the five indices under coverage declined while the industrial index closed flat. The Oil & Gas index, the biggest loser, fell by 0.32% on OANDO (-1.92%). The Banking and Insurance indices, followed suit, declining by 0.30% and 0.03% on FIDELITYBK (-0.87%) and AIICO (-1.82%) respectively. Conversely, the Consumer Goods index, the only loser, rose by 0.10% on DANGSUGAR (+0.30%).
Investors’ sentiment strengthened as the market breadth increased to 1.00x from 0.61x. This was illustrated by the advance of 16 stocks, led by PZ (+9.76%) and NPFMCRFBK (+4.58%) and the decline of 16 stocks, led by CHAMS (-10.00%) and FCMB (-8.02%). Activity level weakened as the total volume and value declined by 7.23% and 38.79%, as investors exchanged about 128.94mn units of shares worth over ₦1.67bn.
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 inched higher while the FGN-JAN-2026 and FGN-JUL-2030 bond yield closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers advanced by 2bps and 8bps respectively.
The Treasury bill yields for the 91, 182, and 364-day papers closed flat at 11.53%, 6.49% and 6.78% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Negative Performance Persists in the Local Bourse, NGX ASI Sheds 11bps
- Mixed Sentiment across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Closes @ $89.83
- Negative Performance in African Stocks
