The Nigerian Stock Exchange’s market capitalisation fell by N4bn as 23 stocks depreciated at the close of trading on the Exchange’s floor on Wednesday.
The NSE market capitalisation slid to N9.699tn from N9.703tn, while the All-Share Index closed at 28,236.23 basis points from 28,248.86 basis points.
A total of 159.046 million shares valued at N1.454bn were trading in 3,237 deals.
The NSE ASI declined by four basis points following continued mixed performances across key sectors.
The industrial goods sector weighed most on the ASI following declines in Lafarge Africa Plc to the tune of 2.02 per cent and Dangote Cement Plc by 0.27 per cent.
While the consumer goods sector extended its four-session gaining streak on the back of 1.36 per cent advance in Nigerian Breweries Plc shares, 4.59 per cent appreciation in GlaxoSmithkline Consumer Nigeria Plc and 2.80 per cent rise in Champion Breweries Plc share prices.
The oil and gas sector remained in negative territory due to 7.71 per cent loss in Oando share price and 2.75 per cent fall in Total Nigeria Plc shares.
The financial services sector fell by 0.07 per cent following mixed closes across players. Stanbic IBTC Group Plc shares appreciated by 3.16 per cent, Zenith Bank Plc by 1.15 per cent; while the share prices of Wema Bank Plc and Union Bank of Nigeria Plc declined by 4.35 per cent and 2.44 per cent respectively.
Market breadth remained even with 23 advances and 23 declines.
On the global front, Asian markets traded mixed amidst a relatively stronger Yen, whilst European stock traded higher as oil prices rose following a surprise decrease in the United States crude inventory. The US markets are set to open higher ahead of a barrage of Fed speakers.
On what will shape the next trading session, analysts at Vetiva Capital Management Plc, said, “The sustained even market breadth and persistent mixed performances across key sectors somewhat underscore that investor sentiment remains mixed. We believe this would continue to drive sideways trading in the sessions ahead.
Amid relatively unchanged liquidity, the interbank call rate moderated slightly to 14.67 per cent, representing a fall by 50 basis points. In the foreign exchange interbank market, the naira depreciated by one kobo to close at N312.99 while the one-year forward remained unchanged at N351.60.
Sentiment turned bearish in Wednesday’s session as yields on fixed income instruments trended upwards. In the Treasury bills space, yields climbed 20 basis points on average amid sell pressure on mid-dated maturities.
In particular, yields on the 148 day-to-maturity, 176DTM, and 225DTM bills closed at 19.83 per cent, 19.24 per cent, and 20.31 per cent respectively.
Likewise, the bond market turned bearish with yields on benchmark bonds advancing five basis points on average. The largest changes were on the yields of the auction bonds as the 15.54 per cent Federal Government of Nigeria February 2020 and 12.40 per cent FGN March 2026 bonds advanced six basis points and eight basis points to close at 14.89 per cent and 15.13 per cent respectively.
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