Equities Market Closed The Week on a Bearish Note…Investors Lost N371.99bn this week

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The Nigeria equities market closed this week on a negative note as bearish sentiment dominated various segments of the market. The benchmark All Share Index (ASI) went down by 18bps today to close at 41,709.09 with market capitalization shedding N44.07bn to settle at N21.82tn.

Consequently, the All-Share Index (ASI) lost 166bps this week driving the year-to-date performance to 3.57%.

Equities Market Closed The Week on a Bearish Note...Investors Lost N371.99bn this week Brandspurng

Performance across sectors was majorly bearish with 4 out of the 5 indices under coverage closing negative. The insurance and oil & gas indices declined by -1.03% and -0.13% on the back of selloffs in LINKASSURE (-9.09%) and OANDO (-0.67%).

Similarly, consumer goods and industrial indices declined by 0.97% and 0.26% on the back of losses recorded in CHAMPION (-9.48%) and WAPCO (-3.62%). The banking index however advanced by 1.36% following gains in GUARANTY (+9.09%).

Investors’ sentiment was also negative as only 14 stocks advanced while 27 stocks declined to indicate a 0.38x market breadth. Market activity level slows down with both the volume and value of transaction declining by 23.39% and 30.09% respectively.

Fixed Income Market

The bond market traded on a positive note with yield stable across the short and long-dated instrument. The yield on the FGN-MAR-2024 and JUL-2030 closed at 6.11% and 8.87% respectively.

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Treasury bills market traded on a  quiet note as yield remain stable across different tenors. The yield on the 182-day and 364-day maturities stabilized at 1.00 and 2.04 while that of the 91-day maturity compressed by 3bps to settle at 0.4%.

Market Snapshot

  • Equities Market Closed The Week on a Bearish Note…Investors Lost N371.99bn
  • The bond market traded on a quiet note as yield compressed marginally across tenors
  • U.S. Stocks Rise as Jobs Report Bolsters Stimulus Bets
  • Oil Climbs Within Sight of $60 With Global Supplies Tightening
  • Naira was stable against the USD at the parallel market to close at N480/$

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