The Nigerian All-Share Index closed negative, falling by 1.31% to close at 53,804.46 points. The performance was due to profit-taking in large-cap stocks such as AIRTELAFRI (-6.02%) and ZENITHBANK (-1.96%).
Consequently, the YTD return decreased to 4.98% as market capitalisation decreased by ₦386.22 billion to close at ₦29.31 trillion.
The sectoral performance mixed as two of the five indices under coverage decreased while the Oil & Gas index closed flat. The Insurance and Consumer Goods Indices, the gainers, rose by 0.48% and 0.13% on MBENEFIT (+3.23%) and FLOURMILL (+3.00%) respectively. Conversely, the Banking and Industrial indices, the laggards, fell by 1.72% and 0.05% on ZENITHBANK (-1.96%), and WAPCO (-0.96%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.72x from 1.13x. This was illustrated by the decline of 18 stocks, led by PHARMDEKO (-10.00%) and RTBRISCOE (-6.67%) and the appreciation of 13 stocks, led by TRIPPLEG (+9.70%) and WAPIC (+7.14%). Activity level weakened as the total volume and value decreased by 37.37% and 4.52%, as investors exchanged about 172.90 mn units of shares worth over ₦3.77bn.
We expect buy-interest to return as the equities market presents decent opportunities amid declining yields in the fixed-income market.
There was bearish sentiments across the bond yields curve as three of the bonds under our coverage advanced while the yields on the FGN-JAN-2026 bond paper compressed by 2bps.
The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 advanced by 2bps, 3bps and 4bps respectively.
The yields on the 91, 182 and 364-day papers closed flat at 3.85%, 4.17% and 3.79% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Closes the Week in Negative Territory, NGX ASI Sheds 131bps
- Bearish Sentiments across the Bond Yield Curve
- Negative Performance in Global Stocks
- Commodities Market Closes in the Red
- Negative Performance in African Stocks
- Naira Depreciates in the Parallel Market