THUR, JUNE 22 2023-theGBJournal |Sentiments remained positive in the local bourse following demand for FBNH (+4.4%) and GEREGU (+1.7%). Accordingly, the All-share Index advanced by 0.1% to 59,361.55 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +6.4% and +15.8%, respectively.
The total volume traded declined by 4.2% to 615.91 million units, valued at NGN6.62 billion, and exchanged in 7,459 deals. WAPIC was the most traded stock by volume at 97.15 million units, while GTCO was the most traded stock by value at NGN1.10 billion.
Performance across our sectoral coverage was mixed, as the Insurance (+1.1%), Oil & Gas (+0.4%), and Consumer Goods (+0.1%) indices advanced, while the Industrial Goods index closed flat. Elsewhere, the Banking (-0.6%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.1x) as 33 stocks gained relative to 31 losers. NEM (+10.0%) and CORNERST (+9.9%) topped the gainers’ list, while LASACO (-10.0%) and SOVRENINS (-9.8%) recorded the most significant losses of the day.
The naira depreciated by 0.3% to N765.13/USD at the I&E window.
The overnight lending rate contracted by 290bps to 9.0%, in the absence of any significant inflows into the system.
Quiet trading continued in the NTB secondary market, as the average yield closed flat at 6.6%.
Sentiments in the Treasury bonds secondary market were bullish, as the average yield declined by 5bps to 13.7%.
Across the benchmark curve, the average yield contracted at the short (-6bps), mid (-11bps) and long (-4bps) segments, following demand for the FEB-2028 (-15bps), APR-2032 (-30bps), and MAR-2035 (-25bps) bonds, respectively.
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