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NGX All-Share Index sheds 19bps Tuesday

Nigerian equities were bearish as the NGX All-Share Index closed 0.19% lower at 47,340.86 points, marking its second successive decline. On market movers, continued selloffs in SEPLAT (-3.03%) dragged the index following the pullback in oil prices. In addition, declines in GTCO (-1.87%) and MTNN (-0.24%) contributed to the broader market fall.  As a result, the ASI’s year-to-date (YTD) return fell to 10.83%, while the market capitalisation lost ₦47.33bn to close at ₦25.51trn.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 68.48%. A total of 183.26m shares valued at ₦2.48bn were exchanged in 3,779 deals. UBA (-2.30%) led the volume chart with 23.41m units traded, while SEPLAT (-3.03%) led the value chart with deals worth ₦531.29m.

Market breadth closed negative at a 1.47-to-1 ratio, with declining issues outnumbering advancing ones. CORNERST (-8.82%) topped twenty-one (21) others on the laggard’s table, while VERITASKAP (-4.76%) led fourteen (14) others on the leader’s log.

EQUITIES

Profit-taking activities continued today in the domestic equities market with SEPLAT (-3.0%), and GTCO (-1.9%), stocks weighing down the bourse. Thus, the All-Share Index ended the session 0.2% lower at 47,340.86 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to -0.1% and +10.8%, respectively.

The total volume of trades declined by 85.7% to 183.26 million units, valued at NGN2.48 billion, and exchanged in 3,779 deals. UBA was the most traded stock by volume at 23.41 million units, while SEPLAT was the most traded stock by value at NGN531.29 million.

Performance across sectors was mixed as the Insurance (-1.9%), Oil & Gas (-1.6%) and Banking indices (-0.1%) declined, while the Consumer Goods (+0.2%) index recorded the sole gain. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers lost relative to 15 gainers. CORNERST (-8.8%) and MULTIVERSE (-8.3%) topped the losers’ list, while VERITASKAP (+4.8%) and CHAMS (+4.6%) recorded the most significant gains of the day.

CURRENCY

The naira was flat at NGN416.50/USD at the I&E window.

MONEY MARKET & FIXED INCOME

The overnight lending rate was unchanged at 5.0%, despite the inflow from OMO maturities (NGN99.30 billion).

The Treasury Bills secondary market traded in a lull as the average yield closed flat at 3.5%. Similarly, the average yield at the OMO segment was unchanged at 3.8%.

Trading in the Treasury bond secondary market was mixed, as the average yield stayed flat at 10.4%. Across the benchmark curve, the average yield was unchanged at the short and long ends but expanded at the mid (+2bps) segment following sell pressures on the FEB-2028 (+9bps) bond.