…The naira appreciated by 1.4% to NGN745.19/USD at the I&E window.
…The Treasury bills secondary market traded with bullish sentiments
TUE, OCT 03 2023-theGBJournal |Trading activities in the local bourse started this week on a positive note, supported by investors’ demand for BUACEMENT (+9.9%). Thus, the All-Share Index advanced by 0.6% to 66,770.97 points. Accordingly, the Year-to-Date return settled at +30.3%.
The total volume traded increased by 24.4% to 364.32 million units, valued at NGN3.85 billion, and exchanged in 7,537 deals. CHIPLC was the most traded stock by volume at 71.54 million units, while GTCO was the most traded stock by value at NGN752.68 million.
Sectoral performance was mixed as the Industrial Goods (+3.5%) and Banking (+0.3%) indices posted gains while the Insurance (-1.8%) and Consumer Goods (-0.4%) indices declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 27 tickers lost relative to 24 gainers. LINKASSURE (-10.0%) and CWG (-9.9%) recorded the most significant losses of the day, while BUACEMENT (+9.9%) and BETAGLAS (+9.9%) topped the gainers’ list.
The naira appreciated by 1.4% to N745.19/USD at the I&E window.
The overnight lending rate contracted by 195bps to 1.5%, following the inflows from August FAAC disbursements (N668.86 billion).
The Treasury bills secondary market traded with bullish sentiments as the average yield contracted by 7bps to 7.9%. Across the curve, the average yield closed flat at the short end but declined at the mid (-11bps) and long (-7bps) segments, following buying interests in the 163DTM (-63bps) and 296DTM (-57bps) bills, respectively. Similarly, the average yield contracted by 2bps to 12.1% in the OMO segment.
Trading in the Treasury bonds secondary market was mixed although with a bearish undertone, as the average yield inched higher by 1bp to 14.4%. Across the benchmark curve, the average yield was unchanged at the short and mid segments but expanded at the long (+1bp) end due to sell-off of the JUN-2053 (+8bps) bond.
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