The Nigerian All-Share Index closed negative, declining by 2.53% to close at 46,365.95 points.
The performance was due to sell-offs in bellwether stocks such as AIRTELAFRI (-10.00%) and DANGSUGAR (-2.80%). Consequently, the YTD return decreased to 8.54% as market capitalisation decreased by ₦655.30 billion to close at ₦25.25 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Industrial and Oil & Gas indices closed flat. The Insurance and Consumer Goods indices, the losers, fell by 1.18% and 0.06% on AIICO (-7.02%) and DANGSUGAR (-2.80%) respectively. Conversely, The Banking index, the only gainer, rose by 0.87% on GTCO (+1.12%).
Investors’ sentiment strengthened as the market breadth increased to 2.80x from 1.75x. This was illustrated by the advance of 14 stocks, led by PZ (+9.52%) and UPL (+9.33%) and the decline of 5 stocks, led by AIRTELAFRI (-10.00%) and SOVERNINS (-7.14%). Activity level was mixed as the total volume increased by 6.90% and while the value declined by 0.92%, as investors exchanged about 133.03mn units of shares worth over ₦4.24bn.
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 quiet outing across the bond yield curve as three of the four bond yields under coverage closed flat. The yields on the FGN-APR-2023 bond paper compressed by 1bp while the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond paper remained unchanged.
There was muted activity in the NT-bills market as the yields for the 91, and 182-day paper closed flat at 6.06%, and 7.23% respectively while the 364-day paper closed lower at 8.99% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse Begins the Week in Positive Territory, NGX ASI Sheds 253bps
- Quite Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Green
- Mixed Performance in African Stocks
