NGXASI Declines -0.10%, Dragged by Banking Counters

NGX Building: Image Credit: NGX

June 21, 2024/InvestmentOne Report

The NGXASI declined by 0.10% today to close at 99,743.05pts, as the losses especially in banking stocks including FBNH (-3.42%), GTCO (-2.00%) and FIDELITYBK (-4.81%) drove the local bourse into the negative terrain.
In the fixed income space, the Treasury Bills secondary market traded on a negative note, largely driven by selloffs on the mid tenor instrument. Consequently, Average T-Bills yield rose by 2bps to close at 21.97%. However, the FGN Bond market traded on a bullish note as the Average FGN Bond yield declined by 6bps to close at 18.77%.
At the NAFEM window, the Naira weakened by 0.01% to close at NGN1,485.53/USD. Crude oil price (Brent) settled lower by 0.15% to USD85.58pb.
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