The Nigerian today All-Share Index declined, by 0.06% to close at 54,892.53 points. The performance was due to profit-taking in bellwether stocks such as NB (-1.43%) and GTCO (-0.99%). Consequently, the YTD return decreased to 7.11% as market capitalisation decreased by ₦17.20 billion to close at 29.90 trillion.
The sectoral performance weakened broadly as four of the five indices under coverage declined while the Oil & Gas index closed flat. The Insurance index, led the laggards, falling by 1.01% on AIICO (-5.00%). The Industrial, Banking, and Consumer Goods indices, followed suit, falling by, 0.66%, 0.25%, and 0.17% BUACEMENT (-1.61%), GTCO (-0.99%), and NB (-1.43%) respectively.
Investors’ sentiments strengthened as the market breadth increased to 1.18x from 0.82x. This was illustrated by the appreciation of 13 stocks, led by NPFMCRFBK (+6.94%) and GEREGU (+6.25%) and the decline of 11 stocks, led by AIICO (-5.00%) and LINKASSURE (-4.76%). Activity level strengthened as the total volume and value increased by 16.72% and 176.91%, as investors exchanged about 137.56mn units of shares worth over ₦3.87bn.
Fixed Income
There was mixed sentiments across the bond yields curve as two of the four bonds under our coverage advanced while the yield on FGN-JUL-2030 closed flat. The yields on the FGN-APR-2023 and FGN-JAN-2026 bond paper increased by 1bp and 7bps respectively, while the yields on the FGN-MAR-2024 bond paper inched lower by 1bp.
The yields on the 91 and 182-day papers to close flat at 3.48% and 5.39% respectively, while the yield on the 364-day paper closed flat at 4.02%.
We expect market activity to be influenced by the liquidity levels in the financial system.
- Local Bourse the Week in the Red, NGX ASI Sheds 6bps
- Mixed Sentiments across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports @ $74.05/barrel
- Mixed Performance in African Stocks
- Naira Remains Unchanged in the Parallel Market
