THUR, MAY. 04 2023-theGBJournal| The domestic stock market recorded a positive performance, as buying interest in GTCO (+4.1%) spurred a 0.2% gain in the benchmark index. The All-Share Index closed at 52,290.75 points.
Consequently, the Month-to-Date loss moderated to -0.2%, while the Year-to-Date gain increased to +2.0%.
Activity level was positive as the total volume traded increased by 89.6% to 1.27 billion units, valued at NGN7.01 billion, and exchanged in 5,963 deals. TRANSCORP remained the most traded stock by volume at 811.20 million units while ACCESSCORP was the most traded stock by value at NGN2.35 billion.
From a sectoral perspective, the Insurance (+2.1%), Banking (+0.8%), and Oil & Gas (+0.8%) indices advanced while the Consumer Goods (-0.3%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.8x), as 32 tickers recorded gains relative to 18 losers. MBENEFIT (+10.0%) and NEM (+9.6%) recorded the most significant gains of the day, while LINKASSURE (-9.4%) and MCNICHOLS (-8.9%) topped the losers’ list.
Meanwhile, the overnight lending rate contracted by 12bps to 11.4%, in the absence of any significant funding pressure on the system.
Trading activities in the Treasury bills secondary market were bullish, as the average yield contracted by 3bps to 7.3%. Across the curve, the average yield closed flat at the short and mid segments but declined at the long (-5bps) end as participants demanded the 329DTM (-273bps).
Similarly, the Nigerian bonds secondary market was bullish, as the average yield declined by 9bps to 13.9%. Across the benchmark curve, the average yield contracted at the short (-35bps) and mid (-3bps) segments following demand for the MAR-2024 (-176bps) and APR-2029 (-5bps) bonds, respectively. Conversely, a sell-off of the MAR-2050 (+24bps) bond led to yield expansion at the long (+8bps) end of the curve.
The naira was flat at NGN462.88/USD at the I&E window.
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