The Nigerian All Share Index closed negative, declining further by 0.13% to close at 49,475.42 points at the end of yesterday’s trading session.
The performance was due to sell-offs in bellwether stocks such as STANBIC (-1.67%) and FBNH (-1.48%). Consequently, the YTD return decreased to 15.82% as market capitalisation fell by ₦35.1 billion to close at ₦26.69 trillion.
The sectoral performance was mixed as two of the five indices under coverage advanced while the Industrial and Oil & Gas indices closed flat. The Insurance and Consumer Goods indices, the gainers, rose by 0.65% and 0.02 on NEM (+8.97%) and CADBURY (+3.00%) respectively. Conversely, the Banking index, the only loser, fell by 1.39% on STANBIC (-1.48%).
Investors’ sentiment strengthened but remained negative as the market breadth increased to 0.69x from 0.47x. This was illustrated by the advance of 9 stocks, led by NEM (+8.97%) and ACADEMY (+6.80%) and the decline of 13 stocks, led by REGALINS (-7.41%) and UNITYBNK (-6.98%). Activity level weakened as the total volume and value decreased by 35.87% and 9.04% respectively, as investors exchanged about 107.49mn units of shares worth over ₦1.15bn.
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 6bps and 1bp respectively.
The Treasury bill yields for the 91 and 182-day paper compressed by 1bp and 274bps to close at 11.49% and 7.82% respectively while the 364-day paper closed flat at 6.77%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Closes the Week in Negative Territory, NGX ASI Sheds 13bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Close in Green
- Negative Performance in African Stocks
