…The Nigerian treasury bills secondary market traded with bullish sentiments
THUR JAN 23 2025-theGBJournal| The bears resurfaced in the domestic equities market as profit-taking activities in MTNN (-0.8%), DANGSUGAR (-6.5%) and NASCON (-5.1%) triggered a 0.1% decline in the All-Share Index to 102,788.20 points. As a result, Year-to-Date returns printed -0.1%.
The total volume traded decreased by 3.1% to 382.65 million units, valued at NGN22.50 billion, and exchanged in 11,933 deals. GTCO was the most traded stock by volume at 42.14 million units, while SEPLAT was the most traded stock by value at 7.92 billion.
Sectoral performance was mixed, as the Insurance (-1.2%), Consumer Goods (-0,8%) and Oil & Gas (-0.4%) indices declined while the Banking (+1.0%) index advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as 27 tickers gained relative to 26 losers. MORISON (-10.0%) and CILEASING (-9.9%) recorded the most significant losses of the day, while SCOA (+9.8%) and DAARCOMM (+9.1%) led the gainers.
At the fixed income market, trading in the treasury bond secondary market closed on a bearish note, as the average yield increased by 9bps to 20.4%.
Across the benchmark curve, the average yield expanded at the short (+48bp) end following the selloff of the JAN-2026 (+238bps) bond but declined at the long (-8bps) end due to the interest on the APR-2049 (-45bps) bond. The average yield closed flat at the mid segment.
The Nigerian treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 9bps to 25.0%.
Across the curve, the average yield contracted at the short (-33bps), mid (-2bps) and long (-2bps) segments, driven by demand for the 28DTM (-188bps), 182DTM (-2bps) and 350DTM (-2bps) bills, respectively. Similarly, the average yield dipped by 22bps to 28.2% in the OMO segment.
The overnight lending rate expanded by 121bps to 31.7% following debits for net NTB issuance (NGN226.01 billion).
Meanwhile, the naira recovered to N1,548.59 against at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after days of wobble.
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