MON, AUGUST 21 2023-theGBJournal |The domestic equities market resumed the week’s trading on a positive note, as bargain-hunting activities in BUAFOODS (+9.3%) supported market performance. As a result, the All-Share Index advanced by 0.7% to 65,202.41 points, with the Month-to-Date and Year-to-Date returns increasing to +1.3% and +27.2%, respectively.
The total volume traded dipped by 56.9% to 231.60 million units, valued at NGN3.99 billion, and exchanged in 5,494 deals. TRANSCORP was the most traded stock by volume at 36.84 million units, while MTNN was the most traded stock by value at NGN1.45 billion.
On sectors, the Consumer Goods (+5.0%) and Insurance (+0.4%) indices printed gains, while the Oil & Gas (-0.7%) and Banking (-0.4%) declined. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.1x), as 31 tickers gained relative to 15 losers. JOHNHOLT (+9.7%) and SCOA (+9.4%) recorded the most significant gains of the day, while TANTALIZER (-10.0%) and OMATEK (-9.1%) topped the losers’ list.
The naira depreciated by 2.9% to N761.32/USD at the I&E window
The overnight lending rate expanded by 351bps to 23.3%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 8.4%.
Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-1bp) end following mild interests on the 339DTM (-1bp) bill. Similarly, the average yield pared by 1bp to 11.2% in the OMO segment.
Meanwhile, activities in the FGN bonds secondary market were bearish, as the average yield expanded by 9bps to 13.9%.
Across the benchmark curve, the average yield dipped at the short (-3bps) and long (-1bp) ends as investors demanded the JAN-2026 (-14bps) and JUN-2053 (-9bps) bonds, respectively.
Meanwhile, the average yield expanded at the mid (+48bps) segment due to the sell-off of the APR-2032 (+85bps) bond.
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