The Nigerian All Share Index closed negative yesterday, declining by 0.07% to close at 49,540.48 points, The performance was due to sell-offs in bellwether stocks such as VITAFOAM (-5.88%) and GTCO (-0.25%). Consequently, the YTD return decreased to 15.98% as market capitalisation fell by ₦19.12billion to close at ₦26.72 trillion.
The sectoral performance weakened significantly as four of the five indices under coverage declined while the Industrial index closed flat. The Consumer Goods index, the biggest loser, fell by 0.26% on DANGSUGAR (-2.73%). The Insurance, Oil & Gas and Banking indices, followed suit, decreasing by 0.18%, 0.16 and 0.09% on CHIPLC (-4.84%), OANDO (-0.99%), and GTCO (-0.25%) respectively.
Investors’ sentiment weakened but remained negative as the market breadth decreased to 0.47x from 0.72x. This was illustrated by the decline of 17 stocks, led by UACN (-6.82%) and UPDCREIT (-5.88%) and the advance of 8 stocks, led by SOVERNINS (+8.00%) and CADBURY (+2.69%). Activity level weakened as the total volume and value decreased by 15.12% and 57.03% respectively, as investors exchanged about 167.61mn units of shares worth over ₦1.26bn.
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 sentiments across the bond yield curve as two of the four bond yields under coverage compressed while the FGN-JAN-2026 and FGN-JUL-2030 closed flat. The FGN-APR-2023 and FGN-MAR-2024 yields compressed by 9bps and 44bps respectively.
The Treasury bill yields for the 91, 182 and 364-day paper closed flat at 11.50%, 10.56% and 6.77% 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 7bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Closes in Red
- Negative Performance in African Stocks
