Tuesday’s trading session witnessed a downturn in the domestic equities market, with the All-Share Index declining by 0.50 percent to close at 97,390.01 points.
This bearish trend led to significant sell-offs, causing investors to incur losses totaling N279 billion.
Correspondingly, the market capitalization of listed equities contracted by 0.50 percent, settling at N55.29 trillion.
Sectoral performance was largely negative, with the Banking, Insurance, Oil/Gas, and Industrial Goods indices falling by 1.92 percent, 1.47 percent, 0.13 percent, and 1.22 percent, respectively, while the Consumer Goods index advanced by 0.82%.
Reflecting this negative sentiment, stocks such as OANDO (-9.97%), LIVESTOCK (-8.10%), CORNERST (-7.66%), LIMKASSURE (-7.61%), and SOVRENINS (-7.41%) saw significant declines.
On the other hand, MECURE (+9.98%), NEIMETH (+9.90%), CHAMPION (+9.75%), UPL (+9.63%), and RTBRISCOE (+9.35%) emerged as the top gainers of the day.
Trading activity on the NGX was robust, with total deals, traded volume, and value increasing by 5.56 percent, 20.26 percent, and 18.23 percent, to 11,237 deals, 599.25 million units, and N13.92 billion, respectively.
GTCO stood out as the most traded stock in volume and value, with 71.99 million units valued at N3.28 billion exchanged across 445 deals.
In the money market, NIBOR rates continued to climb on Tuesday amid ongoing liquidity constraints, leading banks to impose higher rates.
Consequently, the Open Repo Rate (OPR) and the Overnight Rate (O/N) rose by 47bps and 22bps, reaching 36.61 percent and 36.97 percent, respectively.
In the Nigerian Interbank Treasury Bills market, NITTY rates showed mixed results, with increases of 8bps and 18bps for the 1-month and 12-month tenors, while the 3-month and 6-month tenors saw declines of 2bps and 32bps, respectively.
Meanwhile, the secondary market for Nigerian Treasury Bills exhibited a bullish trend, with the average yield decreasing by 0.02 percent to 23.39 percent.
Trading in the FGN bond market was positive, with yield reductions of 48bps, 39bps, and 24bps in the MAY-33, FEB-34, and JUN-33 instruments, respectively.
This resulted in a 0.03% decline in the average secondary market yield to 19.97 percent. Nigeria’s sovereign Eurobonds market experienced bearish sentiment across the short, mid, and long segments of the yield curve, pushing the average yield up by 0.05 percent to 10.50 percent.
In the official NAFEM market, the naira weakened against the US dollar, depreciating by 0.71 percent to ₦1,582.09 per dollar.
In the parallel market, the naira closed at an average of ₦1,585 per dollar.
