Nigerian Stocks Inch Down -0.1% Dragged by Dangote Sugar, FBNH, NESTLE

Nigerian Stock Exchange Trading Floor. Image Credit: NGX

February 26, 2024/Cordros Report


Trading in the domestic stock market carried over last week’s bearish performance as sell pressures on NESTLE (-10.0%) and DANGSUGAR (-7.7%) offset demand for FBNH (+9.7%). Accordingly, the All-Share Index declined by 0.1% to close at 101,995.21 points. Sequentially, the MTD and YTD returns moderated to 0.8% and 36.4%, respectively.

The total volume traded increased by 1.1% to 294.32 million units, valued at NGN6.72 billion, and exchanged in 9,957 deals. FBNH was the most traded stock by volume and value at 73.84 million units and NGN2.42 billion, respectively.

Sectoral performance was mixed, as the Consumer Goods (-1.5%) and Oil & Gas (-0.4%) indices declined while the Banking (+1.4%) and Insurance (+0.2%) indices advanced. Meanwhile, the Industrial Goods index closed flat.

As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (25) lost and gained. NESTLE (-10.0%) and ETERNA (-10.0%) recorded the most significant losses of the day, while NASCON (+10.0%) and FBNH (+9.7%) topped the gainers’ list.


The naira appreciated by 5.2% to NGN1,582.94/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).


The overnight lending rate contracted by 150bps to 24.3%, in the absence of any significant inflows into the system.

Proceedings in the NTB secondary market were bullish, as the average yield declined by 4bps to 16.6%. Across the curve, the average yield contracted at the short (-1bp) and long (-8bps) ends following buying interest in the 87DTM (-2bps) and 346DTM (-57bps) bills, respectively. Conversely, the average yield expanded at the mid (+2bps) segment due to the sell-offs on the 178DTM (+23bps) bill. Elsewhere, the average yield advanced by 35bps to 18.1% in the OMO segment.

Activities in the FGN bond secondary market were bearish, as the average yield increased by 2bps to 16.7%. Across the benchmark curve, the average yield advanced at the short (+1bp) and long (+4bps) ends as players took profits off the MAR-2024 (+3bps) and JUN-2038 (+41bps) bonds, respectively. The average yield was unchanged at the mid segment.

Kindly see below our Mutual Fund prices and returns as of today.


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