The Nigerian All-Share Index closed lower, falling by 0.25% to close at 55,529.21 points. The performance was due to sell pressures in large-cap stocks such as SEPLAT (-10.00%) and DANGSUGAR (-0.15%).
Consequently, the YTD return decreased to 8.35% as market capitalisation decreased by ₦76.83 billion to close at 30.25 trillion.
The sectoral performance was mixed as two of the five indices under coverage declined while the Industrial index closed flat. The Oil & Gas and Insurance indices, the laggards, fell by 4.62% and 0.57% on SEPLAT (-10.00%) and AIICO (-0.01%) respectively. Conversely, the Consumer Goods and Banking indices, the gainers, rose by 0.20% and 0.17% on FLOURMILL (+1.50%) and ZENITHBANK (+0.20%) respectively.
Investors’ sentiment weakened as the market breadth decreased to 0.68x from 2.73x. This was illustrated by the decline of 25 stocks, led by SEPLAT (-10.00%) and NEIMETH (-9.38%) and the appreciation of 11 stocks, led by ACADEMY (+9.48%) and NEIMETH (+8.97%). Activity level was mixed as the total volume increased by 264.27% and while the total value declined by 18.31%, as investors exchanged about 750.79 mn units of shares worth over ₦2.66bn.
We expect buy-interest to return as the equities market presents decent opportunities amid declining yields in the fixed-income market.
Fixed Income
There was mixed sentiments across the bond yields curve as two of the bonds under our coverage closed flat while the yield on the FGN-APR-2023 bond paper advanced by 81bps. The yields on the FGN-MAR-2024 compressed by 2bps.
The yields on the 91, 182 and 364-day papers closed flat at 2.01%, 4.16% and 3.79% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Domestic Bourse Closes the Week Lower, NGX ASI Sheds 25bps
- Mixed Sentiments across the Bond Yield Curve
- Positive Performance in Global Stocks
- Brent Crude Reports @ $85.12/barrel
- Negative Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market
