The benchmark of All Share Index (ASI) went down as Local equities market began the week on a pessimistic note, marking a bearish sentiment dominating various segments of the market.
The ASI witnessed a decline by 35bps Monday closing at 41,564.31 with market capitalization shedding N371.97bn to settle at N21.74tn. Consequently, the year-to-date performance compressed to 3.21%.
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 0.84% and 0.01% on the back of negative sentiments in CORNERST (-9.23%), and ETERNA (-0.87%).
In a similar vein, Banking and consumer goods indices went down by 2.68% and 0.26% on the back of sell down in GUARANTY (-8.75%) and CHAMPIONS (-9.75%).
Investors’ sentiment was however positive as 23 stocks advanced while 16 stocks declined to indicate a 1.44x market breadth. Market activity level slows down with both the volume and value of transaction declining by 29.43% and 52.68% respectively.
Equities Market Extends Bearish Sentiment to the New Week…ASI lost 35bps
The bond market traded on a negative note with yield advancing across the short and long-dated instrument. The yield on the FGN-MAR-2024 and JUL-2030 closed at 6.61% and 10.19% respectively.
Treasury bills market traded on a quiet note as yield remain stable across different tenors. The yield on the 92-day, 182-day and 364-day maturities stabilized at 0.40%, 1.00% and 2.04% respectively.
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