Yesterday’s trading session, saw the Nigerian equities market close in red as the benchmark index declined by 0.19% to close at 47,340.86 points. Yesterday’s performance was due to selloffs in large-cap stocks such as SEPLAT (-3.03%) and MTNN (-0.24%).


Consequently, the YTD return decreased to 10.83% as market capitalisation declined by ₦47.33 billion to close at ₦25.51 trillion.


The sectoral performance weakened as three of the five indices under coverage declined. The Insurance Index, the biggest loser, declined by 1.87% on CORNEST (-8.82%). The Oil & Gas and Banking indices followed suit, falling by 1.59% and 0.09% on SEPLAT (-3.03%) and ZENITHBANK (-0.74%) respectively. Conversely, Consumer Goods and Industrial Indices inched up by 0.17% and 0.01% on FLOURMILL (+0.79%) and WAPCO (+0.21%) respectively.



Investors’ sentiment weakened as the market breadth decreased to 0.68x from 0.86x. This was illustrated by the decline of 22 stocks, led by CORNERST (-8.82%) and MULTIVERSE (-8.33%) and the advance of 15 stocks, led by VERITASKAP (+4.76%) and CHAMS (+4.55%). Activity level weakened as the total volume and value decreased by 84.11% and 68.74% respectively as investors exchanged about 183.26mn units of shares worth over ₦2.48bn.

We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed lower, the yield on the FGN-JUL-2030 closed flat while the yield on the FGN-JAN-2026 increased by 2bps. Both the yields on the FGN-APR-2023 and FGN-MAR-2024 bond papers compressed by 2bps and 1bp respectively.

Treasury bill yield for the 91, 182 and 364-day closed flat at 3.27%, 3.54% and 3.95% respectively.

We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.

MARKET SNAPSHOT

Downward Trajectory Persists in the Local Bourse, NGX ASI Sheds 19bps
Mixed Sentiment across the Bond Yield Curve
Mixed Performance in Global Stocks
Commodities Market Closes in Red
Mixed Performance in African Stocks

SOURCE:https://brandspurng.com/2022/03/16/investors-record-%e2%82%a647-33-billion-loss-as-ngx-asi-dips-further-by-0-19-to-close-at-%e2%82%a625-51-trillion/