Equities

ASI dips 24bps

Negative sentiments returned to the local bourse in today's session, with the benchmark index slipping by 24bps to settle at 103,398.82 points. Consequently, the market capitalisation shed N152.09 billion to settle at N63.05 trillion. Profit taking from ZENITHBANK (-3.64%), UBA (-2.44%) and INTBREW (-2.78%), alongside selloffs in UCAP (-3.48%), outweighed buying interest in GTCO (+1.42%), FBNH (+2.08%) and PZ (+10.00%). Market breadth mirrored the overall bearish sentiment, printing at 0.38x, as 50 losers outstripped 19 gainers. ABBEYBDS (+10.00%) led the gainers, while FTNCOCOA (-10.00%) led the laggards.

On activity metrics, volume and value traded increased by 29.94% and 10.48%, respectively, to settle at 1.11 billion units traded valued at N14.64 billion naira. FBNH led the volume and value chart with 161.50 million units traded (14.52% of total volume) worth N4.72 billion (32.21% of total value).

Sectoral Performance

Akin to overall market sentiment, 4 major indices closed in red, while 2 closed flat. Leading the laggards was the Insurance sector (-7.68%), weighed down by profit-taking activities in CORNERST (-9.98%) and WAPIC (-9.73%). The Banking (-0.64%), Consumer Goods (-0.38%) and Oil and Gas (-0.10%) indices also declined, driven by selloffs in ZENITHBANK (-3.64%), INTBREW (-2.78%), and OANDO (-0.94%), respectively. The Industrial Goods and Commodity indices closed flat. 

Bonds

It was a relatively quiet day at the FGN secondary bond market. However, selloffs were observed at the mid-segment (+2bps) of the curve. Specifically, the FEB-31 (+6bps), JUL-30 (+5bps) and NOV-29 (+2bps). Consequently, the average yield inched higher by 1bp to close at 19.79%.

Money market

For interbank rates, OPR and O/N increased by 140bps and 160bps, respectively, to settle at 27.90% and 26.80%, respectively.

At the OMO auction conducted today, the CBN offered N500 billion across 2 long-tenor instruments (350 and 364 days). Demand was robust, with the bid to offer at 3.12x. The CBN allotted a total of N500 billion, with stop rates of 23.81% and 23.84% on each of the papers.

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

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