MON, MAY. 08 2023-theGBJournal|Nigerian equities extended gains from last week as the benchmark index closed 0.22% stronger to settle at 52,579.52 points.
Sustained buy interests in ZENITHBANK (+1.46%), GTCO (+1.87%) and WAPCO (+0.61%) buoyed the markets performance. Consequently, the year-to-date (YTD) return rose to 2.59%, while market capitalization gained N61.53bn to close at N28.63trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 26.54%. A total of 511.38m shares valued at N7.14bn were exchanged in 5,883 deals. ACCESSCORP (+2.67%) led volume and value charts with 167.62m units traded in deals worth N1.92bn.
Market breadth closed positive at a 1.77-to-1 ratio with advancing issues outnumbering declining ones. INTBREW (+6.82%) topped twenty-two others on the leader’s log while TRANSCORP (-7.73%) topped twelve others on the laggard’s table.
Meanwhile, the local currency, the naira depreciated by 0.1% to NGN462.78/USD at the I&E window.
At the money market, the overnight lending rate contracted by 4bps to 11.3%, in the absence of any significant inflow into the system.
The Nigerian Treasury bills secondary market opened the week on a tranquil note, as the average yield closed flat at 7.5%. Across the curve, the average yield closed flat at the short and mid segments but pared at the long (-1bp) end following mild interest in the 325DTM (-1bp) bill.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 3bps to 14.0%. Across the benchmark curve, the average yield expanded at the short (+9bps) end due to the sell-off of the MAR-2027 (+46bps) bond, but was unchanged at the mid and long segments.
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
