The equities market concluded the week on a negative note due to a wide market sell-off, resulting in a 0.29 percent decline in the benchmark index to 103,437.67 points.
Consequently, the market capitalization of listed equities shed N155.91 billion, closing at N58.50 trillion.
The bears outnumbered the bulls, with 30 declining stocks compared to 16 advancing stocks.
Top losers included CWG (-10.00%), NSLTECH (-9.38%), OMATEK (-9.30%), SCOA (-8.90%), and UPDC (-7.43%).
In the foreign exchange market, the Naira strengthened by 0.32 percent in the foreign exchange market, ending at ₦1,251.05 per dollar in the official market.
In the parallel market, the Naira closed at ₦1,235 to the dollar.
However, trading activity on the NGX showed an improvement, with total traded volume and value experiencing substantial increases of 359.58 percent and 19.75 percent, reaching 2.24 billion units and N18.73 billion, respectively. Despite this, total deals declined by 4.28 percent to 8,527.
Sector performance was bearish, with the banking sector recording the largest decline of 1.78 percent.
This was driven by share price declines in ACCESS, ZENITH, FIDELITY, WEMA, and UNITY BANK.
The Insurance and Industrial goods indexes also recorded losses of 0.55 percent and 0.07 percent, respectively, attributable to sell-offs in LASACO, CORNERST, VERITASKAP, AIICO, and LAFARGE WAPCO.
The consumer goods sector was the sole gainer, advancing by 0.34 percent driven by DANGSUGAR, while the Oil/Gas sector remained steady.
At the close of the session, ABBEYBDS was the most traded security in terms of volume with 1.40 billion units, while ZENITHBANK led in value, amounting to N3.66 billion.
In the money market, the Overnight NIBOR dropped 61bps to close at 22.79 percent, reflecting liquidity ease. In the same manner, prominent money market rates like the open repo rate (OPR) and overnight lending rate (OVN) declined by 170bps and 216bps to close at 22.11 percent and 23.00 percent, respectively.
In the Nigerian Interbank Treasury Bills market, the Nigerian Interbank Treasury Bills True Yield (NITTY) displayed an upward trend across maturities.
NITTY rates increased by 23bps, 38bps, 3bps, and 120bps for the 1-month, 3-month, 6-month, and 12- month periods.
The secondary market for Nigerian Treasury Bills saw a positive trading, and as a result, the average yield declined by 0.01 percent to close at 17.63 percent. Bond Market In the secondary market for FGN Bonds, the average yield closed at 19.31 percent on Friday.
In Nigeria’s sovereign Eurobonds market, sell sentiment was observed across all ends of the yield curve, thus the average yield advanced by 9bps to close at 9.58 percent.
