Profit-Taking In Geregu Sees NGX Losing ₦4.10 Billion At The End Of Today’s Trading Session

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Profit Taking Drags Local Bourse Southwards
Profit Taking Drags Local Bourse Southwards

The Nigerian All-Share Index closed negative, falling by 0.02% to close at 47,524.38 points. The performance was due to profit-taking in large-cap stocks such as GEREGU (-9.0%) and OANDO (-0.44%).

Consequently, the YTD return decreased to 11.26% as market capitalisation decreased by ₦4.10 billion to close at ₦25.89 trillion.

The sectoral performance was mixed as two of the five indices under coverage declined while the Industrial index closed flat. The Consumer Goods & Oil & Gas indices, the losers, fell by 0.07% each on CHAMPION (-3.33%) and OANDO (-0.44%) respectively. Conversely, The Banking and Insurance indices, the gainers, rose by 0.93% and 0.22% GTCO (+0.59%) and  on MANSARD (6.67%) respectively.

Investors’ sentiment strengthened as the market breadth increased to 1.30x from 0.50x. This was illustrated by the advance of 13 stocks, led by HONYFLOUR (+9.80%) and NEIMETH (+9.50%) and the decline of 10 stocks, led by UACN (-9.80%) and GEREGU (-9.00%). Activity level weakened as the total volume and value decreased by 44.23% and 42.83% respectively, as investors exchanged about 86.54mn units of shares worth over ₦2.09bn.

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 quite outing across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on the FGN-MAR-2024 bond paper inched higher by 50bps. The yields on the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 remain unchanged.

There was muted activity in the NT-bills market as the yields for the 91, 182 and 364-day paper closed flat at 6.06%, 7.23% and 9.00% respectively.

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

  • Negative Performance Persists in the Domestic Bourse, NGX ASI Sheds 2bps
  • Quite Outing across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Brent Crude Reports @ $94.18/barrel
  • Negative Performance in African Stocks