Equities

ASI shed 2.71% WoW

Nigerian equities concluded the week in the negative territory, with the benchmark index closing 271bps lower to 99,539.75 index points. Similarly, market capitalisation shed a total of N1.57 trillion to settle at N56.30 trillion. Bearish sentiment was prevalent in GTCO (-19.08% WoW), ZENITHBANK (-11.25% WoW), UBA (-13.69% WoW), FBNH (-10.33% WoW), ACCESSCORP (-11.92% WoW), DANGSUG (-9.6% WoW), DANGCEM (-4.37% WoW), and MTNN (-1.32% WoW).

In today's market rendition, the ASI dipped 31bps, driven by selloffs in FBNH (-9.83%), STANBIC (-4.76%), GTCO (-2.47%), ACCESSCORP (-1.45%), and ZENITHBANK (-1.39%). On trade metrics, trade volumes and value declined by 9.81% and 2.60% to 257.86 million units and N5.40 billion, respectively. UBA led the volume log with 38.7 million units (15.01% of total volumes traded), while GTCO topped the value log with N1.31 billion (24.27% of total value traded). The cocoa processing business - FTNCOCOA (+9.60%), was the best-performing counter, while UNITYBNK (-10.00%) led the laggards.

Mixed sentiment across sectors

The Banking (-2.77%) and Consumer Goods (-0.03%) indices declined following losses in FBNH (-9.83%) and NB (-0.18%), respectively. On the flip, the Insurance (+0.38%) index closed in green, following gains in CONHALL (+7.44%). Other sectors "" Oil & Gas and Industrial "" closed flat.

On a weekly basis, bearish bias was prevalent, with the Banking (-11.46% WoW) index leading the pack following continued sell-offs in GTCO (-19.08% WoW). Similarly, the Insurance (-2.80% WoW), Industrial Goods (-2.71% WoW), and Consumer Goods (-0.96% WoW) indices followed suit on the back of selloffs in AIICO (-10.71% WoW), DANGCEM (-4.37% WoW), and DANGSUG (-9.60% WoW), respectively.

Bonds

Bullish sentiments in the bond market

The FGN secondary bond market ended today's session on a bullish note. We observed demands at the short end and the mid-segment of the curve, with the yield on the Mar-25, Feb-28, and Mar-28 instruments falling 122bps, 68bps, and 63bps to settle at 18.80%, 18.84%, and 18.86%, respectively. Overall, average yields dipped by 22bps to settle at 19.04%.

Money market

Interbank rates "" OPR and O/N "" declined by 82bps and 105bps to 29.39% and 30.25%, respectively.

Kindly click here for the summary of activities in the market today

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