Equities

Local equities declined 20bps

The Nigerian equities market extended its bearish streak for the fourth consecutive session, as the NGXASI declined by 0.20% to close at 119,741.23 points, while investors lost N150.2 billion, bringing market capitalisation to N75.8 trillion. Today's performance was largely driven by sell pressures in market heavyweight - DANGCEM (-3.41%), alongside continued profit-taking actions in GTCO (-1.23%) and ZENITHBANK (-1.58%). Market sentiment remained strong, as reflected in a positive market breadth of 2.00x, driven by 46 gainers outperforming 23 laggards in today's session. Notably, MCNICHOLS (+10.00%), RTBRISCOE (+10.00%), HONYFLOUR (+10.00%) and MBENEFIT (+10.00%) topped the gainers' chart, while UPL (-10.00%) emerged as the session's worst performer.

Elsewhere, market activity was weaker, evidenced by the decline in total volumes traded (-74.06%) and total value traded (-74.56%). Precisely, a total of 527.1 million units worth N11.3 billion exchanged hands today. ELLAHLAKES topped the volume log with a total of 46.05 million units, while NB traded the most value, with trades worth N1.7 billion.

Sectoral performances

The Industrial Goods (-3.17%), Insurance (-2.24%) indices were dragged down by sell-offs in DANGCEM (-3.41%) and WAPIC (-1.76%), while the Commodity Index remained unchanged. However, the Banking, Consumer Goods, and Oil & Gas indices were affected by the ongoing index rebalancing, which appears to have distorted reported returns, making them less representative of the actual index performance.

Fixed Income

The fixed income market traded actively today, as market participants resumed bargain hunting. The bullish sentiment was evident across the bond space, especially at the belly of the curve. Notably, the 2034 papers traded down by 30bps from 18.45%. The 2031s and 2033s followed suit, attracting solid interest in the market. Accordingly, the average yield dipped 13bps to settle at 18.26%.

Similarly, for bills, demand remained firm across the curve, particularly on the 4 June NTB.

Money market

Money market rates"”OPR and O/N declined by 8bps and 21bps to reach 26.50% and 26.96%, respectively, as system liquidity gained respite.

Currency

The Naira appreciated by 0.33% to trade at N1,527.00/$, while parallel market rates remained unchanged at N1,565.00. 

NASD

The NASD OTC exchange closed bullish, with the NSI and market capitalisation gaining 91bps to settle at 3,377.79 points and N1.98 trillion, respectively. However, activity metrics weakened sharply, as a total of 166.18 thousand units, valued at N6.5 million, traded today. 

Names like 11PLC (+10.00%), FOODCPT (+9.83%) and NIPCOPLC (+7.85%) were notable gainers at the end of today's session.

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

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