…The naira appreciated by 6.1% to N831.47/USD at the Nigerian Autonomous Foreign Exchange Market
…lending rate contracted by 38bps to 16.8%, in the absence of any significant inflow into the system.
…NTB secondary market traded with mixed sentiments
…Treasury bonds secondary market was mildly bullish
WED, NOV 29 2023-theGBJournal|The domestic equities market reversed yesterday’s loss as bargain hunting in SEPLAT (+10.0%) and NESTLE (+9.5%) drove the benchmark index higher.
Accordingly, the NGX-ASI advanced by 0.3% to 71,284.56 points, with the Month-to-Date and Year-to-Date gains printing +3.0% and +39.1%, respectively.
The total volume traded declined by 32.6% to 360.60 million units, valued at NGN6.61 billion, and exchanged in 6,579 deals. GTCO was the most traded stock by volume and value at 56.91 million units and NGN2.19 billion, respectively.
Analysing by sectors, the Oil & Gas (+6.1%), Insurance (+1.2%), and Consumer Goods (+0.9%) indices posted gains, while the Industrial Goods index closed flat. The Banking (-0.6%) index was the sole loser of the day.
As measured by market breadth, market sentiment was negative (0.5x), as 38 tickers lost relative to 20 gainers. GUINEAINS (-10.0%) and OMATEK (-9.9%) topped the losers’ list, while SEPLAT (+10.0%) and MEYER (+9.8%) recorded the highest gains of the day.
At the FX market, the naira appreciated by 6.1% to N831.47/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate contracted by 38bps to 16.8%, in the absence of any significant inflow into the system.
The NTB secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 10.2%. Across the curve, the average yield declined at the short (-4bps) end following buying interest in the 85DTM (-16bps) bill.
Meanwhile, the average yield was unchanged at the mid and long segments. Elsewhere, the average yield declined by 1bp to 14.7% in the OMO segment.
Trading in the Treasury bonds secondary market was mildly bullish, as the average yield contracted by 1bp to 15.7%. Across the benchmark curve, the average yield declined at the short (-5bps) end as market participants demanded the JAN-2026 (-12bps) bond. Conversely, the average yield closed flat at the mid and long segments.
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