THUR, 29 SEPT, 2022-theGBJournal| In today’s session, the domestic equities market traded with bearish sentiments as NESTLE (-10.0%) closing limit down undermined the market’s performance. Thus, the All-Share Index dipped by 0.4% to close at 48,964.83 points. Accordingly, the Month-to-Date loss increased to -1.8%, while the Year-to-Date gain moderated to +14.6%.
The total volume traded increased by 117.4% to 220.78 million units, valued at NGN2.25 billion, and exchanged in 3,105 deals. JAIZBANK was the most traded stock by volume at 85.91 million units, while AIRTELARI was the most traded stock by value at NGN360.04 million.
Sectoral performance was broadly negative, as the Consumer Goods (-3.2%), Insurance (-0.6%), and Banking (-0.2%) indices declined, while the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.9x) as 14 tickers lost relative to 12 gainers. NESTLE (-10.0%) and AFRIPRUD (-8.3%) recorded the highest losses of the day, while JAIZBANK (+9.2%) and IKEJAHOTEL (+8.8%) topped the gainers’ list.
At the fixed income markets, trading in the NTB secondary market was bullish, as the average yield contracted by 27bps to 7.1%. Across the curve, the average yield contracted at the short (-167bps) and mid (-94bps) segments following interests in the 56DTM (-538bps) and 133DTM (-360bps) bills, respectively. The average yield expanded at the long (+163bps) end as investors sold off the 350DTM (+903bps) bill. Elsewhere, the average yield was unchanged at 10.3% in the OMO segment.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 12bps to 13.1%. Across the benchmark curve, the average yield expanded at the short (+25bps), mid (+7bps), and long (+4bps) segments due to selloffs of the APR-2023 (+149bps), APR-2032 (+14bps), and JUL-2034 (+25bps) bonds, respectively.
Meanwhile, the naira depreciated by 0.2% to NGN437.03/USD at the I&E window.
The overnight lending rate contracted by 33bps to 16.5%, in the absence of any significant funding pressure on the system.
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