Domestic Bourse Begins Week In Negative Territory

Domestic Bourse Begins Week In Negative Territory
Domestic Bourse Begins Week In Negative Territory

At the end of today’s trading session, the Nigerian All-Share Index closed in red, decreasing by 0.34% to close at 43,818.12 points.

The performance was due to sell pressure in large-cap stocks such as MTNN (-2.40%) and UCAP (-0.83%). Hence, the YTD return decreased to 2.58% as market capitalisation decreased by ₦82.04 billion to close at ₦23.87 trillion.

The sectoral performance was mixed as two of the five indices under coverage advanced while the Industrial and Consumer Goods indices closed flat. The Insurance and Banking indices, the gainers, rose by 0.91% and 0.26% on NEM (+1.35%) and GTCO (+0.85%) respectively. Conversely, the Oil & Gas index, the only loser, decreased by 0.88% on OANDO (-2.56%).

Investors’ sentiment weakened as the market breadth decreased to 1.00x from 2.29x. This was illustrated by the decline of 13 stocks, led by JOHNHOLT (-9.88%) and SCOA (-9.71%) and the advance of 13 stocks, led by FTNCOCOA (+9.68%) and CHIPLC (+6.90%). Activity level was mixed as the total volume declined 10.78% while value increased by 17.05%, as investors exchanged about 187.09mn units of shares worth over ₦2.54bn.

Domestic Bourse Begins Week In Negative Territory - 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 quiet outing across the bond yields curve as three of the bonds under our coverage closed flat while the FGN-APR-2023 bond paper compressed by 10bps. The yields on FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat.

The yields for the 91 and 182-day paper closed flat at 8.49% and 8.38% respectively, while the 364-day paper compressed by 2bps to close at 15.48%.

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

  • Domestic Bourse Begins the Week in Negative Territory, NGX ASI Sheds 34bps
  • Quiet Outing across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Brent Crude Reports @ $94.01/barrel
  • Negative Performance in African Stocks