The Nigerian All Share Index closed in the red, falling by 0.07% to close at 49,440.21 points at the end of today’s trading session.
The performance was due to selloffs in bellwether stocks such as GTCO (-0.25%) and UCAP (-0.42%). Consequently, the YTD return decreased to 15.74% as market capitalisation fell by ₦19 billion to close at ₦26.67 trillion.
The sectoral performance was mixed as two of the five indices under coverage advanced while the Industrial index closed flat. The Banking and Consumer Goods indices, the gainers, rose by 0.65% and 0.02% on UBA (+2.11%) and VITAFOAM (+5.00%) respectively. Conversely, the Oil & Gas and Insurance indices, the losers, fell by 1.94% on SEPLAT (-3.85%) and MANSARD (-2.86%) respectively.
Investors’ sentiment strengthened as the market breadth increased to 1.10x from 0.69x. This was illustrated by the advance of 11 stocks, led by ETRANZACT (+9.97%) and ACADEMY (+9.52%) and the decline of 10 stocks, led by ABCTRANS (-10.00%) and UPL (-9.44%). Activity level was mixed as the total volume decreased by 37.33% while the total value increased by 28.70% as investors exchanged about 67.37mn units of shares worth over ₦1.48bn.
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 relatively quiet outing across the bond yield curve as only one of the four bond yields under coverage compressed while the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 closed flat. The FGN-MAR-2024 yield compressed by 2bps.
The Treasury bill yields for the 91 and 364-day paper compressed by 1bp each to close at 11.48% and 6.76% while the 182-day paper compressed by 230bps to close at 5.52%.
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 Loses 7bps
- Quiet Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $90.92
- Mixed Performance in African Stocks
