Nigerian Equities Lose ₦53.3 Billion as ASI Slips 0.08% Amid Mixed Sector Performance

The Nigerian stock market closed in negative territory on Wednesday, May 29, as the All-Share Index (ASI) declined by 0.08% to 111,818.08 points, wiping out ₦53.3 billion in market capitalisation to settle at ₦70.51 trillion.

The downward shift was driven by portfolio sell-offs across key counters, although overall market sentiment remained upbeat, with 41 gainers outnumbering 24 decliners.

Top performers for the day included Learn Africa MBenefit (+10.00%), UPL (+9.98%), Academy Press (+9.88%), SCOA Nigeria (+9.62%), and Livestock Feeds (+9.56%). On the flip side, major losers were Seplat Energy and Legend International, both falling by 10%, followed by Abbey Mortgage Bank (-9.90%), Omatek Ventures (-8.97%), and Learn Africa (-6.21%).

Sectoral performance was mixed. The NGX Consumer Goods index led gainers with a 1.59% uptick, followed by the Industrial Goods index at 0.41%. Meanwhile, Banking (-0.26%), Insurance (-0.17%), Oil & Gas (-0.64%), and Commodities (-1.96%) all recorded losses.

Trading activity stayed robust, with 556.45 million shares valued at ₦17.17 billion exchanged in 18,505 deals—an increase of 10.74% in deals and 8.65% in volume.

Currency and Fixed Income Markets

In the foreign exchange market, the naira appreciated by 0.29% at the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,586.15 per dollar. The parallel market, however, saw a slight depreciation, with the naira weakening to ₦1,615/$.

Money market rates showed a mixed trend. The Nigerian Interbank Offered Rate (NIBOR) fell across most tenors, signalling increased system liquidity. The overnight lending rate inched up to 26.95%, while the repo rate held steady at 26.50%.

On the fixed income front, average yields on FGN bonds dipped by 8bps to 18.88%, while Eurobond yields dropped 13bps to close at 9.53%, reflecting strong investor demand. Treasury bills continued their bullish streak, with average yields easing to 20.66%.

Market Outlook

Despite the marginal dip in the ASI, the broad-based positive market breadth and investor interest in treasury and sovereign instruments signal underlying confidence. Analysts expect the equities market to remain range-bound in the near term, pending fresh macroeconomic triggers or corporate disclosures.

 

Subscribe to Notifications