Equities

ASI slips 25bps

The local bourse experienced a downturn after a strong start to the week, with the benchmark index slipping 25 bps to close at 98,291.53 points. Market capitalisation also declined by N148.06 billion, settling at N59.56 trillion. The bearish sentiments were primarily driven by profit-taking in ARADEL (-5.85%) and selloffs in OKOMUOIL (-6.86%) and NESTLE (-2.25%), which outweighed gains in DANGSUGAR (+9.69%) and OANDO (+3.99%). Market breadth was marginally negative at 0.96x, with 23 laggards edging out 22 gainers. DEAPCAP (+10.00%) led the gainers, while CUSTODIAN (-8.98%) topped the laggards.

On the activity front, both volume and value traded decreased by 9.96% and 66.46%, respectively, with 257 million units traded worth N26.82 billion. FIDELITYBK led the volume chart with 38.21 million units (14.84% of total volume), while ARADEL led the value chart, accounting for N3.14 billion (35.01% of total value).

Sectoral Performance

Sector performance was mixed, with three indices closing in green and two in red. The Consumer Goods sector (+0.46%) gained due to bullish sentiment in DANGSUGAR (+9.69%) and CHAMPION (+9.65%), which offset selloffs in NESTLE (-2.25%). The Insurance sector (+0.40%) and the Oil and Gas (+0.02%) index closed higher due to positive performances in NEM (+2.56%) and OANDO (+3.99%), respectively. In contrast, the Banking sector (-0.04%) and Industrial Goods sector (-0.03%) contracted slightly due to selloffs in FIDELITYBK (-2.34%) and WAPCO (-0.69%).

Bonds

Bearish sentiment rocked the secondary bond market, with selloffs across the short-end (+6 bps), mid-segment (+15 bps), and long-end (+17 bps) of the curve. Notable declines were seen in the JUN 38 (+156 bps), FEB 31 (+57 bps), and JUL 30 (+43 bps) instruments. As a result, average yields rose by 12 bps, settling at 19.22%.

Money market

In the money market, interbank rates OPR and O/N increased by 20 bps and 22 bps, respectively, to settle at 32.50% and 32.90%, as system liquidity tightened further due to operator activities at the SLF. 

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

CardinalStone Research 



Lagos Office: 5 Okotie Eboh Street 

                        South-West Ikoyi, Lagos

                        Nigeria

Abuja Office: 4 Misratah Street

                        Wuse II, Abuja, Nigeria

Tel: +234(1) 7100433, 7100434

Email: research@cardinalstone.com 

Website: www.cardinalstone.com  

---------------------------------------------------------------------------------------------------------------------------------

CardinalStone is an investment management firm located in Nigeria and registered with the Securities and Exchange Commission (SEC).