…The domestic bourse, the NGX Exchange, resumed its upward trend after yesterday’s bearish performance, driven by renewed interest in FBNH (+6.8%).
…Activities in the NTB secondary market were bullish as the average yield dipped by 101bps to 3.0%.
THUR, JAN 11 2024-theGBJournal|In Thursday’s session, the FBN bonds secondary market traded on a bullish note, as the average yield contracted by 15bps to 13.4%.
Across the benchmark curve, the average yield declined at the short (-24bps), mid (-33bps), and long (-4bps) segments following buying interest in the MAR-2024 (-72bps), APR-2032 (-42bps) and JUL-2053 (-48bps) bonds, respectively.
Activities in the NTB secondary market were bullish as the average yield dipped by 101bps to 3.0%. Across the curve, the average yield declined at the short (-28bps), mid (-58bps) and long (-136bps) segments due to demand for the 42DTM (-110bps), 168DTM (-152bps) and 315DTM (-528bps) bills, respectively. Elsewhere, the average yield was unchanged at 8.4% in the OMO segment.
The overnight lending rate expanded by 720bps to 22.6%, following the debits for the OMO auction (NGN357.20 billion) conducted yesterday.
The naira appreciated by 23.7% to NGN874.79/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Meanwhile, the domestic bourse, the NGX Exchange, resumed its upward trend after yesterday’s bearish performance, driven by renewed interest in FBNH (+6.8%).
Thus, the All-Share Index advanced by 0.7% to 82,597.04 points, pushing the Year-to-Date return to +10.5%.
The total volume traded declined by 46.6% to 877.28 million units, valued at NGN14.41 billion, and exchanged in 14,919 deals. TRANSCORP was the most traded stock by volume at 74.54 million units, while ZENITHBANK was the most traded stock by value at NGN1.98 billion.
Sectoral performance was broadly positive as the Banking (+2.7%), Insurance (+0.5%), Consumer Goods (+0.4%), Oil & Gas (+0.4%), and Industrial Goods (+0.2%) indices recorded gains.
As measured by market breadth, market sentiment was positive (2.1x), as 46 tickers gained relative to 22 losses. GUINEAINS (+10.0%) and ROYALEX (+10.0%) topped the gainers’ list, while ABBEYBDS (-9.9%) and IKEJAHOTEL (-9.9%) recorded the highest losses of the day.
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