WED, JULY 12 2023-theGBJournal |The Nigerian equities market halted its bullish momentum Wednesday as investors took profits off DANGCEM (-9.6%) stock, sending the All-Share Index down by 2.5% to close at 64,046.93 points.
The Month-to-Date and Year-to-Date gains moderated to +5.1% and +25.0%, respectively.
The total volume traded increased by 37.7% to 1.16 billion units, valued at NGN12.69 billion, and exchanged in 13,878 deals.
UBA was the most traded stock by volume and value at 177.79 million units and NGN2.44 billion, respectively.
Performance across sectors was broadly bearish, following losses in the Insurance (-5.4%), Industrial Goods (-5.4%), Banking (-2.6%), Consumer Goods (-0.8%), and Oil & Gas (-0.5%) indices.
As measured by market breadth, market sentiment was negative (0.2x) as 63 tickers lost relative to 11 gainers.
VERITASKAP (-10.0%) and ACADEMY (-10.0%) recorded the most significant losses of the day, while DEAPCAP (+10.0%) and COURTVILLE (+10.0%) topped the gainers’ list.
Meanwhile, The naira appreciated by 0.8% to NGN782.49/USD at the I&E window.
At money market, the overnight lending rate expanded by 8bps to 1.3%, in the absence of any significant funding pressures on the system.
The NTB secondary traded in a lull as participants stayed on the sidelines in anticipation of the outcome of today’s NTB PMA. As a result, the average yield was unchanged at 6.3%.
Trading in the FGN bond secondary market was bullish, as the average yield contracted by 3bps to 12.7%. Across the benchmark curve, the average yield contracted at the short (-3bps) and long (-4bps) ends, due to buying interest on the FEB-2028 (-15bps) and JUN-2053 (-29bps) bonds, respectively.
Conversely, the average yield closed flat at the mid segment.
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