Domestic Bourse Closes Week Bearish, NGX ASI Sheds 33bps

By
Brand Spur
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Newly Listed Geregu Top NGX Gainers Chat, Amidst Negative Market Performance
Newly Listed Geregu Top NGX Gainers Chat, Amidst Negative Market Performance

The Nigerian All-Share Index extended its downward trajectory, declining further by 0.33% to close at 49026.62 points.

The performance was due to selloffs in bellwether stocks such as BUACEMENT (-4.49%) and GTCO (-3.14%). Consequently, the YTD return decreased to 14.77% as market capitalisation fell by ₦88.31 billion to close at ₦26.44 trillion.

The sectoral performance marginally weakened as three of the five indices under coverage declined. while the Banking index, the gainer, improved by 0.42% on ZENITHBANK (+0.25%). The Industrial index, the biggest loser, declined by 1.61% on  BUACEMENT (-4.49%). The Insurance and Oil & Gas indices followed suit, falling by 0.46% and 0.21% on SUNUASSUR (-8.57%) and ETERNA (-9.45%) respectively.  On the flip side, the Banking and Consumer Goods indices, the gainers, improved by ACCESSCORP  (+6.02%) and VITAFOAM (+6.90%) respectively.

Investors’ sentiment weakened as the market breadth declined to 0.50x from 0.71x. This was illustrated by the advance of 11 stocks, led by VITAFOAM (+6.90%) and RTBRISCOE (+6.06%) and the decline of 22 stocks, led by CWG (-10.00%) and BERGER (-9.85%). Activity level strengthened as the total volume and value improved by 33.38% and 79.16% as investors exchanged about 169.18mn units of shares worth over ₦3.19bn.

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 at 13.20% and 12.81%. The yields on the FGN-APR-2023 and FGN-MAR-2024 compressed by 5bps and 66bps respectively.

The Treasury bill yields for the 91, 182 and 364-day papers closed higher by 22bps, 14bps and 31bps to close at 11.47%, 5.51% and 6.76% respectively.

We expect market activity to be influenced by the liquidity levels in the financial system.

MARKET SNAPSHOT

  • Domestic Bourse Closes the Week Bearish, NGX ASI Sheds 33bps
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Negative Performance in the Commodities Market
  • Negative Performance in African Stocks