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Market Summary 28-09-2023
(Source: CardinalStone Research, Date: 28-Sep-2023)

Equities

ASI declines for the sixth consecutive session

The bears retained their grip on the domestic bourse for the sixth consecutive session as the benchmark index fell by 31bps to settle at 66,448.6 points. Today's loss puts the index on track for the third successive weekly decline. Renewed selloffs in DANGSUGAR (-6.00%), UBA (-3.59%), TRANSCOHOT (-3.27%) and OANDO (-9.84%) masked gains in ZENITHBANK (+0.81%) and FIDELITYBK (+2.50%). Expectedly, the session resulted in a negative market breadth of 0.62x, with 16 gainers and 26 losers, led by RTBRISCOE (+9.76%) and VITAFOAM (-9.92%), respectively.

 

Analysis of trade metrics revealed a downtick in volume (-24.78%) and value traded (-24.67%) to 273.8 million units and N3.4 billion apiece. ACCESSCORP led the volume and value charts, trading 45.9 million units (16.76% of total volumes) in deals worth N710.6 million (20.83% of total value).

 

Mixed Sectoral Performance

 

Sectorally, the Banking (-1.01%) and Consumer Goods (-0.68%) indices contracted due to declines in UBA (-3.59%) and DANGSUGAR (-6.00%), respectively. On the flipside, the Insurance (+0.83%) index was supported by gains in CORNERST (+7.88%); the Oil & Gas and Industrial Goods indices closed flat.

 

Bonds

 

Another quiet session in the FGN bonds market

 

It was another quiet day in the FGN bonds secondary market as the average yield rose marginally by 1bp to close at 14.48%. Sale pressures were seen at the mid-segment (+2bps) of the curve, especially on the July 2030 (+3bps) and April 2032 (+8bps) papers, while the short and long ends of the curve closed flat.

Money market

Interbank rates declined as the OPR and O/N shed 2.89ppts and 2.72ppts to close at 7.61% and 8.33%, respectively.

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

CardinalStone Research 



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