Bellwether Counters Drag NGXASI to -0.24% Decline

NGX Building: Image Credit: NGX

May 14, 2024/InvestmentOne Report

The NGXASI declined by 0.24% today to close at 97,473.98pts, as the bearish sentiment on DANGSUGAR (-10.00%), UBA (-2.34%) and FBNH (-2.00%) propelled the market into the negative territory.

In the fixed income space, the Treasury Bills secondary market traded on tepid note as yields were mostly unchanged across the curve. As such, Average T-Bills yield closed flat at 22.41%. However, the FGN Bond market traded on a negative note as the Average FGN Bond yield inched up by 2bps to close at 18.64%.

At the NAFEM window, the Naira depreciated by 2.86% to close at NGN 1,520.40/USD. Crude oil price (Brent) decreased by 1.26% to USD82.31pb.

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