Return on Investment (RoI) at the Nigerian stock market suffered further decline on Wednesday as the All-Share Index (ASI) fell for the third straight session, shedding 0.7% to close at 154,260.98 points.
The downturn was driven largely by declines in heavyweights including Aradel Holdings (-7.9%), BUA Cement (-2.8%), Dangote Cement (-0.8%) and Beta Glass (-10.0%), which collectively dragged the market lower.
Following the pullback, the month-to-date and year-to-date returns on equities investment moderated to 8.1% and 49.9%, respectively, reflecting investors’ cautious sentiment after recent gains.
Market activity was weaker as total trading volume declined by 13.8% to 452.9 million units, valued at N14.84 billion across 27,654 deals.
Tantalizer emerged as the most traded stock by volume with 56.73 million units, while Guaranty Trust Holding Company (GTCO) led by value at N3.08 billion.
Sectoral performance was broadly negative, with all five major indices closing in the red. The Oil and Gas index led losses, down 3.7%, followed by Insurance (-2.5%), Industrial Goods (-1.6%), Banking (-0.4%) and Consumer Goods (-0.2%).
Market sentiment remained firmly bearish, as 45 stocks declined against 20 gainers, resulting in a weak market breadth of 0.4x.
Beta Glass (-10.0%) and John Holt (-10.0%) topped the laggards, while Deap Capital (+9.7%) and ASO Savings (+8.9%) recorded the biggest gains of the day.
Currency Market
Elsewhere, performance was positive at the official foreign exchange window, where the naira appreciated slightly by 0.4% to close at N1,445 per US dollar, reflecting mild support from improved dollar liquidity.
Money Market and Fixed Income
In the money market, the overnight lending rate eased marginally by 2 basis points to 24.8%, despite N313.77 billion in debits for Monday’s FGN bond primary market auction.
The Nigerian Treasury Bills (NTB) market traded largely calm, with the average yield unchanged at 17.4%.
Across the curve, short- and mid-term maturities recorded slight contractions of 1 basis point each, driven by demand for the 85-day and 176-day tenors, while long-dated bills were flat.
Conversely, the Open Market Operations (OMO) segment witnessed a 10-basis-point rise in average yield to 22.0%. The Federal Government bond market also closed weaker, with the average yield inching up by 3 basis points to 15.8%.
The short end of the curve saw the biggest movement, up 7 basis points, following profit-taking in the April 2029 bond, which spiked 39 basis points, while yields were flat at the mid and long ends.
