MON, MAY 22 2023-theGBJournal | The Nigerian equities market kicked off this week on a bullish note as bargain hunting in MTNN (+0.9%) underpinned market performance.
Thus, the All-Share Index notched a 0.4% gain to close at 52,369.13 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -0.1% and +2.2%, respectively.
The total volume traded declined by 61.1% to 315.69 million units, valued at NGN4.03 billion, and exchanged in 5,847 deals. ZENITHBANK was the most traded stock by volume and value at 53.43 million units and NGN1.38 billion, respectively.
On sectoral performance, the Insurance (+1.3%), Banking (+0.9%), and Consumer Goods (+0.4%) indices gained, while the Oil & Gas (-0.6%) index closed lower. However, the Industrial Goods index was flat.
As measured by market breadth, market sentiment was positive (2.1x), as 31 tickers gained relative to 15 losers.
IKEJAHOTEL (+9.9%) and ACADEMY (+9.8%) topped the gainers’ list, while NCR (-9.7%) and SOVRENINS (-8.9%) recorded the most significant losses of the day.
The naira depreciated by 0.1% to N463.50/US$ at the I&E window.
The overnight lending rate contracted by 200bps to 13.6%, following the inflows from FGN bond coupon payments (N26.20 billion).
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 13bps to 6.9%.
Across the curve, the average yield closed flat at the short and long ends but contracted at the mid (-46bps) segment following buying interests on the 115DTM (-183bps) bill.
Similarly, the Treasury bond secondary market traded with bullish sentiments, as the average yield contracted by 6bps to 14.0%.
Across the benchmark curve, the average yield contracted at the short (-19bps) end as investors demanded the MAR-2024 (-73bps) bond. Conversely, the average yield closed flat at the mid and long segments.
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