MON, MAY. 15 2023-theGBJournal |Activities in Nigerian markets today were mixed as the NGX Exchange opened the week on positive note. The Local currency also advanced even as both the Treasury Bond and Treasury Bills markets traded quietly.
The local bourse traded marginally higher in the first session of this week as bargain-hunting in TRANSCORP (+9.7%) and OANDO (+9.9%) spurred a 3bps increase in the All-Share Index to 52,231.29 points.
Accordingly, the Month-to-Date and Year-to-Date returns settled at -0.3% and +1.9%, respectively.
The total volume traded declined by 55.8% to 626.39 million units, valued at NGN5.60 billion, and exchanged in 6,033 deals.
TRANSCORP was the most traded stock by volume at 190.85 million units, while ACCESSCORP was the most traded stock by value at NGN1.25 billion.
Analyzing by sectors, the Banking, Consumer Goods, Industrial Goods, and Oil & Gas indices closed flat, while the Insurance (-1.4%) index declined.
As measured by market breadth, market sentiment was positive (1.3x), as 24 tickers gained relative to 19 losers. OANDO (+9.9%) and NCR (+9.8%) topped the gainer’s list, while CWG (-9.7%) and NEM (-9.5%) recorded the highest losses of the day.
The naira depreciated by 0.4% to N464.00/USD at the I&E window.
The overnight lending rate expanded by 125bps to 13.9%, in the absence of any significant funding pressure in the system.
Trading activities in the Treasury bills secondary market were muted, as the average yield was unchanged at 6.7%.
Similarly, proceedings in the Treasury bond secondary market were quiet as investors shifted focus to the FGN bond PMA held today. Consequently, the average yield closed flat at 14.0%.
Across the benchmark curve, the average yield pared at the short (-1bp) end as investors demanded the MAR-2024 (-3bps) bond but closed flat at the mid and long segments.
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