…At the NTB secondary market, trading was mixed, albeit with a bearish tilt
…FGN bond secondary market were mixed but with a bullish bias
MON, SEPT 25 2023-theGBJournal | The Nigerian equities market sustained last week’s negative run as the All-Share Index dipped by 0.7% to close at 66,882.64 points.
Today’s market performance was driven by profit-taking activities in MTNN (-1.7%) and ACCESSCORP (-9.9%). Thus, the Month-to-Date and Year-to-Date returns moderated to +0.5% and +30.5%, respectively.
The total volume traded declined by 60.3% to 408.19 million units, valued at N5.44 billion, and exchanged in 7,707 deals.
ACCESSCORP was the most traded stock by volume and value at 113.39 million units and N1.78 billion, respectively.
Sectoral performance was mixed, as the Banking (-3.2%) and Consumer Goods (-0.1%) declined, while the Insurance (+0.2%) and Industrial Goods (+0.1%) indices advanced. Meanwhile, the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.4x), as 36 tickers lost relative to 15 gainers.
CAVERTON (-9.9%) and ACCESSCORP (-9.9%) topped the losers’ list, while IKEJAHOTEL (+10.0%) and JOHNHOLT (+9.7%) recorded the highest gains of the day.
Meanwhile, the naira depreciated by 3.3% to N773.25/USD at the I&E window as uncertainty continues to denegrate the currency.
As noted Sunday by Centre for the Promotion of Private Enterprise (CPPE) in a statement to theGBJournal, serious confidence crisis in the foreign exchange market fueling is unprecedented speculative onslaught on the naira.
The unslaught is manifested in the unprecedented rate of volatility witnessed in currency market since the advent of the President Bola Ahmed Tinubus’s administration.
The overnight lending rate expanded by 296bps to 6.3%, in the absence of any significant outflow from the system.
At the NTB secondary market, trading was mixed, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 8.5%.
Across the curve, the average yield remained stable at the short end but contracted at the mid (-17bps) segment, driven by buying interest in the 164DTM (-81bps) bill.
Conversely, the average yield increased at the long (+9bps) end due to sell pressures on the 290DTM (+75bps) bill.
Meanwhile, the average yield pared by 1bp to 13.4% in the OMO segment.
Elsewhere, activities in the FGN bond secondary market were mixed but with a bullish bias, as the average yield pared by 1bp to 14.5%. Across the benchmark curve, the average yield dipped at the short (-4bps) end as investors demanded the JAN-2026 (-12bps) bond but closed flat at the mid and long segments.
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