THUR, MAY. 18 2023-theGBJournal |The Nigerian equities market today, previously accumulated gains for the week were erased as the benchmark index shed 0.90% to close at 52,109.43 points.
The market’s loss was primarily driven by the decline in telco heavyweight, AIRTELAFRI (-6.00%). The decline puts the index on track for another week of loss.
Consequently, the year-to-date (YTD) return fell to 1.67%, while market capitalization shed N256.69bn to close at N28.37trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 34.77%. A total of 334.24m shares valued at N5.15bn were exchanged in 5,350 deals.
ACCESSCORP (+0.50%) led the volume chart with 64.69m units traded, while GTCO (+0.19%) led the value chart in deals worth N1.34bn.
Market breadth closed negative at a 1.29-to-1 ratio with declining issues outnumbering advancing ones. ACADEMY (-10.00%) led twenty-one (21) others on the laggard’s log while COURTVILLE (+9.30%) topped sixteen (16) others on the leader’s table.
The naira appreciated by 0.5% to N463.00/USD at the I&E window.
The overnight lending rate contracted by 13bps to 18.1%, in the absence of any significant inflow into the system.
Trading in the Nigerian Treasury bills secondary market was bearish, as the average yield expanded by 11bps to 6.8%. Across the curve, the average yield was flat at the short and long ends but expanded at the mid (+43bps) segment following selling pressures on the 175DTM (+157bps) bill.
Similarly, activities in the Treasury bond secondary market were bearish, as the average yield expanded by 2bps to 14.0%.
Across the benchmark curve, the average yield expanded at the short (+12bps) end as market participants sold off the MAR-2024 (+52bps) bond, but contracted at the long (-3bps) end following demand for the JAN-2042 (-13bps) bond. Conversely, the average yield was flat at the mid segment.
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