TUE, AUGUST 01 2023-theGBJournal |The Nigerian equities market sustained its bearish run today, as profit-taking activities across banking names – GTCO (-3.1%) and FIDELITYBK (-9.9%) – undermined market performance.
As a result, the NGX ASI dipped further by 0.2% to 64,192.20 points, causing the Year-to-Date return to moderate to +25.3%.
The total volume traded increased by 13.2% to 762.10 million units, valued at N7.71 billion, and exchanged in 7,935 deals. AIICO was the most traded stock by volume at 314.64 million units, while MTNN was the most traded stock by value at NGN947.30 million.
On sectors, the Insurance (+1.0%) and Consumer Goods (+0.5%) indices recorded gains, while the Banking (-1.9%) index declined. Elsewhere, the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 37 tickers lost relative to 22 gainers. JOHNHOLT (-10.0%) and ELLAHLAKES (-9.9%) recorded the most significant losses of the day, while ABBEYBDS (+10.0%) and DANGSUGAR (+10.0%) topped the gainers’ list.
The naira depreciated by 4.1% to N789.08/USD at the I&E window.
The overnight lending rate expanded by 115bps to 2.6%, in the absence of any significant outflows from the system.
Activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 7.1%.
Meanwhile, activities in the FGN bond secondary market closed on a bearish note, as the average yield advanced by 3bps to 13.2%.
Across the benchmark curve, the average yield was flat at the short and mid segments but expanded at the long (+5bps) end due to the sell-off of the APR-2049 (+21bps) bond.
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