Negative Performance Resurfaces In Domestic Bourse

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 closed in the red, falling by 0.42% to close at 48,964.83 points. The performance was due to selling pressures in bellwether stocks such as NESTLE (-10.00%) and GTCO (-1.11%).

Consequently, the YTD return decreased to 14.63% as market capitalisation declined by ₦111.62 billion to close at ₦26.42 trillion.

The sectoral performance significantly weakened as four of the five indices under coverage declined while the Industrial closed flat. The Consumer Goods index, the biggest loser, declined by 3.22% on  NESTLE (-10.00%). The Insurance, Banking and Oil & Gas indices followed suit, falling by 0.58%, 0.15% and 0.03% on AIICO (-5.45%), GTCO (-1.11%) and OANDO (-0.21%) respectively.

Investors’ sentiment strengthened but negative as the market breadth increased to 0.86x from 0.35x. This was illustrated by the advance of 12 stocks, led by JAIZBANK (+9.21%) and IKEJAHOTEL (+8.77%) and the decline of 14 stocks, led by NESTLE (-10.00%) and AFRIPRUD(-8.26%). Activity level strengthened as the total volume and value improved by 117.37% and 88.03% as investors exchanged about 220.78mn units of shares worth over ₦2.25bn.

Negative Performance Resurfaces In Domestic Bourse - Brand Spur

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.

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Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat while the FGN-APR-2023 and FGN-JUL-2030 yields advanced by 149bps and 6bps. The yields on the FGN-MAR-2024 and FGN-JAN-2026 remained unchanged at 12.13% and 13.20% respectively.

The Treasury bill yield for the 91-day compressed by 538bps to close at 6.07% while the 182 and 364-day paper yields advanced by 161bps and 228bps to close at 7.12% and 9.03% respectively.

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


  • Negative Performance Resurfaces in the Local Bourse, NGX ASI Sheds 42bps
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in the Red