…Naira naira appreciated by 5.3% to NGN878.61/USD
…At the Nigerian exchange (NGX) stocks extended Monday’s positive performance as sustained interest in DANGCEM (+10.0%) drove the All-Share Index 3.0% higher to 98,616.97 points.
TUE, JAN 23 2024-theGBJournal|The Treasury bond secondary market closed on a bearish note, as the average yield advanced by 3bps to 13.5%.
Across the benchmark curve, the average yield contracted at the short (-2bps) end as investors demanded the JAN-2026 (-40bps) bond but expanded at the long (+7bps) end as market players sold off the JUN-2038 (+60bps) bond. Conversely, the average yield was flat at the mid segment.
Similarly, activities in the NTB secondary market remained bearish, as the average yield expanded by 31bps to 4.2%.
Across the curve, the average yield was unchanged at the short and mid segments but expanded at the long (+62bps) end due to sell pressures on the 317DTM (+745bps) bill. Elsewhere, the average yield was flat at 8.4% in the OMO segment.
Meanwhile, the overnight lending rate contracted by 15bps to 20.9%, following the inflow from FGN bond coupon payment (N29.74 billion).
At forex market, the naira appreciated by 5.3% to NGN878.61/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the Nigerian exchange (NGX) stocks extended Monday’s positive performance as sustained interest in DANGCEM (+10.0%) drove the All-Share Index 3.0% higher to 98,616.97 points. Consequently, the Year-to-Date returns advanced to +31.9%.
The total volume traded increased by 3.6% to 747.51 million units, valued at NGN16.28 billion, and exchanged in 16,589 deals. TRANSCORP was the most traded stock by volume at 77.71 million units, while DANGCEM was the most traded stock by value at NGN3.11 billion.
On sectoral performance, the Industrial Goods (+9.0%), Oil & Gas (+5.6%), and Consumer Goods (+1.9%) indices recorded gains, while the Insurance (-4.7%) and Banking (-2.7%) indices printed losses.
As measured by market breadth, market sentiment was negative (0.3x), as 56 tickers lost relative to 17 gainers. MBENEFIT (-10.0%) and PZ (-10.0%) topped the losers’ list, while BUACEMENT (+10.0%) and SEPLAT (+10.0%) recorded the highest gains of the day.
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