NGXASI Dips -1.27% Dragged by Selloffs in Bellwether Stocks

NGX Building: Image Credit: NGX

February 28, 2024/InvestmentOne Report

The NGXASI declined by 1.27% today to close at 99,302.57pts, as selloffs in FBNH (-9.97%), DANGSUGAR (-9.67%) and GTCO (-8.75%) drove the market into the red zone.

In the Fixed income space, the Treasury Bills secondary market closed down, driven by bearish sentiments across all tenor, consequently Average T-Bills yield rose by 30bps to close at 16.92%. Similarly, the FGN Bond market traded on a bearish note as the Average FGN Bond yields increased by 38bps to close at 17.21%.

At the NAFEM window, the Naira appreciated by 0.40% to close at NGN 1,609.51/USD. Crude oil price (Brent) trended downward by 0.25% to USD83.44pb.

Kindly find below the full Financial Market Report.

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