The Nigerian All-Share Index closed lower, by 0.12% to close at 55,490.20 points. The performance was due to profit-taking large-cap stocks such as FLOURMILL (-5.92%) and GTCO (-0.79%). Consequently, the YTD return decreased to 8.27% as market capitalisation decreased by ₦126.76 billion to close at 30.23 trillion.
The sectoral performance marginally weakened as three of the five indices under coverage declined while the Oil & Gas index closed flat. The Banking index, led the laggards, falling by 1.95% on GTCO (-0.79%). The Consumer Goods and Industrial indices, followed suit, falling by 0.29% and 0.01% on FLOURMILL (-5.92%) and CAP (-4.71%) respectively. Conversely, The Insurance index, the only gainer, rose by 0.44% on VERITASKAP (+5.00%).
Investors’ sentiments strengthened but remained negative as the market breadth increased to 0.65x from 0.52x. This was illustrated by the decline of 17 stocks, led by UCAP (-9.30%) and UPL (-7.50%) and the appreciation of 11 stocks, led by PRESTIGE (+7.89%) and VERITASKAP (+5.00%). Activity level was mixed as the total volume decreased by 9.07% while total value increased by 33.70%, as investors exchanged about 181.19 mn units of shares worth over ₦3.41bn.
We expect profit-taking to persist as investors look to lock-in gains from previous trading days.
Fixed Income
There was quiet outing across the bond yields curve as three of the bonds under our coverage closed flat while the yield on the FGN-MAR-2026 bond paper inched higher by 98bps. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat.
The yields on the 91, 182 and 364-day papers closed flat at 1.78%, 4.49% and 8.68% respectively.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse Extend Losses, NGX ASI Sheds 42bps
- Quiet Outing across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $73.86/barrel
- Negative Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market
