WED, AUGUST 02 2023-theGBJournal |After two consecutive sessions of losses, the Nigerian equities market gained marginally following bargain-hunting on DANGSUGAR (+9.9%) and WAPCO (+4.3%) stocks. Consequently, the All-Share Index advanced by 12bps to close at 64,267.36 points, while the Year-to-Date return increased to +25.4%.
The total volume traded declined by 56.6% to 330.78 million units, valued at NGN4.27 billion, and exchanged in 6,251 deals.
TRANSCORP was the most traded stock by volume at 58.83 million units, while FBNH was the most traded stock by value at NGN502.76 million.
Analysing by sectors, the Industrial Goods (+0.2%) and Consumer Goods (+0.2%) indices advanced, while the Banking (-0.4%) index declined. Meanwhile, the Insurance and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 31 tickers gained relative to 25 losers. NASCON (+10.0%) and CHAMS (+10.0%) topped the gainers’ list, while THOMASWY (-10.0%) and UPL (-9.8%) recorded the highest losses of the day.
The naira appreciated by 6.4% to NGN741.64/USD at the I&E window.
The overnight lending rate contracted by 121bps to 1.4%, in the absence of any significant inflows into the system.
Trading in the NTB secondary market was bullish, as the average yield declined by 6bps to 7.1%. Across the curve, the average yield declined at the short (-26bps) end, following demand for the 85DTM (-102bps) bill. Meanwhile the mid and long segments remained unchanged.
Proceedings in the Treasury bond secondary market were bearish as the average yield expanded by 5bps to 13.3%. Across the benchmark curve, the average yield was flat at the short end, but expanded at the mid (+22bps) and long (+1bp) segments due to sell pressures on the APR-2029 (+54bps) and APR-2049 (+5bps) bonds, respectively.
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