…The domestic bourse recorded its first positive performance of the week as gains in GTCO (+10.0%) and ZENITHBANK (+7.9%) offset the loss in NESTLE
THUR, FEB 29 2024-theGBJournal| Proceedings in the Treasury bond secondary market were mixed but with a bearish tilt, as the average yield expanded slightly by 1bp to 17.1%.
Across the curve, the average yield expanded at the short (+2bps) end as market participants sold off the MAR-2027 (+10bps) bond but closed flat at the mid and long segments.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 2bps to 16.9%.
Across the curve, the average yield closed flat at the short end but declined at the mid (-1bp) and long (-3bps) segments following demand for the 175DTM (-3bps) and 343DTM (-27bps) bills, respectively.
Elsewhere, the average yield pared by 1bp to 18.0% in the OMO segment.
The overnight lending rate expanded by 79bps to 23.9%, in the absence of any significant funding pressure on the system.
The Naira maintained its positive momentum against the U.S dollar at the forex market. The local currency rose on Thursday by 0.9% to N1,595.11/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Meanwhile, the domestic bourse recorded its first positive performance of the week as gains in GTCO (+10.0%) and ZENITHBANK (+7.9%) offset the loss in NESTLE (-9.1%).
As a result, the NGX ASI increased by 0.7% to settle at 99,980.30 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -1.2% and +33.7%, respectively.
The total volume traded advanced by 37.0% to 542.95 million units, valued at N8.70 billion, and exchanged in 9,650 deals. UBA was the most traded stock by volume and value at 93.71 million units and N2.07 billion, respectively.
From a sectoral perspective, the Banking (+6.1%) and Insurance (+1.3%) indices recorded gains, while the Oil & Gas (-0.3%) and Consumer Goods (-0.2%) indices settled lower. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.8x), as 35 tickers gained relative to 19 losers. GTCO (+10.0%) and UBA (+10.0%) recorded the highest gains of the day, while SUNUASSUR (-10.0%) and ETERNA (-9.8%) topped the losers’ list.
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