The Nigerian All-Share Index closed negative, declining by 2.16% to close at 45,366.32 points.
The performance was due to sell-offs in bellwether stocks such as AIRTELAFRI (-10.00%) and NB (-9.80%). Consequently, the YTD return decreased to 6.20% as market capitalisation decreased by ₦544.73 billion to close at ₦24.71 trillion.
The sectoral performance was strengthened as two of the five indices under coverage declined. The Industrial index, the biggest gainer, rose by 1.38%, on BUACEMENT (+3.98%). The Banking and Insurance indices, followed suit, rising by 0.95% and 0.47% on GTCO(+2.49%) and AIICO (+1.89%) respectively. Conversely, the Consumer Goods and Oil & Gas indices, the losers, fell by 1.14% and 0.28% on NB (-9.80%) and OANDO (-1.79%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 1.20x from 2.80x. This was illustrated by the decline of 15 stocks, led by AIRTELAFRI (-10.00%) and NB (-9.80%) and the advance of 518 stocks, led by UCAP (+9.69%) and REGALINS (+8.33%). Activity level was mixed as the total volume increased by 215.93% and while the value declined by 14.42%, as investors exchanged about 420.28mn units of shares worth over ₦3.6bn.
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 advanced by 305bps while the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond paper remained unchanged.
The yields for the 91-day paper compressed by 1bp to close at 6.05% while the 182 and 364-day papers inched higher by 262bps and 608bps to close at 9.85%, and 15.07% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Negative Performance Persists in the Local Bourse, NGX ASI Sheds 216bps
- Quite Outing across the Bond Yield Curve
- Positive Performance in Global Stocks
- Commodities Market Closes in Red
- Mixed Performance in African Stocks
