The Nigerian All-Share Index closed in red, falling by 0.52% to close at 44,625.18 points.
The performance was due to selling pressures in bellwether stocks such as AIRTELAFRI (-2.83%) and GTCO (-1.10%). Hence, the YTD return increased to 4.47% as market capitalisation decreased by ₦127.77 billion to close at ₦24.31 trillion.
The sectoral performance was mixed as two of the five indices under coverage improved while the Industrial and Oil & Gas indices closed flat. The Banking and Consumer Goods indices, the gainers, rose by 1.11% and 0.01 on ZENITHBANK (+2.55%) and NB (+0.12%) respectively. Conversely, the Insurance index, the only loser, fell by 0.98% on AIICO (-3.45%).
Investors’ sentiment strengthened as the market breadth increased to 1.33x from 0.63x. This was illustrated by the advance of 12 stocks, led by REGALINS (+8.70%) and SOVRENINS (+8.00%) and the decline of 9 stocks, led by PHARMDEKO (-9.80%) and LINKASSURE (-9.30%). Activity level was mixed as the total volume increased by 61.43% while the total value decreased by 54.07%, as investors exchanged about 150.97mn units of shares worth over ₦1.55bn.
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 the FGN-APR-2023 bond yields compressed by 224bps while the FGN-MAR-2024 and FGN-JAN-2026 bond yields closed flat. The yields on the FGN-JUL-2030 bond papers advanced by 16bps.
The yields for the 91, 182 and 364-day paper compressed by 1bp, 222bps and 1bp to close at 11.15%, 8.39% and 14.68%, respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Bears Outweigh the Bulls in the Domestic Bourse, NGX ASI Sheds 52bps
- Mixed Sentiments across the Bond Yield Curve
- Mixed Performance in Global Stocks
- Brent Crude Reports @ $94.88/barrel
- Positive Performance in African Stocks
