…Naira appreciated by 1.9% to N1,455.59/USD at the Nigerian Autonomous Foreign Exchange Market
WED, JAN 31 2024-theGBJournal| The domestic bourse extended yesterday’s loss as profit-taking activities on MTNN (-4.4%) and tier-1 banking stocks weighed down the bourse. Consequently, the NGX ASI declined by 1.9% to close at 101,154.13 points, with the Year-to-Date return moderating to 35.3%.
The total volume traded increased by 15.4% to 749.13 million units, valued at NGN22.49 billion, and exchanged in 14,288 deals. TRANSCORP was the most traded stock by volume at 79.68 million units, while GEREGU was the most traded stock by value at NGN6.98 billion.
Sectoral performance mirrored the overall market sentiment, as the Banking (-8.1%), Insurance (-3.0%), Consumer Goods (-1.8%), Oil & Gas (-1.8%) and Industrial Goods (-0.4%) indices all declined.
As measured by market breadth, market sentiment was negative (0.2x), as 56 tickers lost relative to 10 gainers. ROYALEX (-10.0%) and MAYBAKER (-10.0%) recorded the highest losses of the day, while TRIPPLEG (+10.0%) and PZ (+10.0%) topped the gainers’ list.
The naira appreciated by 1.9% to N1,455.59/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 600bps to 20.4%, following the debits for the January 2024 FGN bond PMA (N418.20 billion).
Sentiments in the T-bills secondary market remained bearish, as the average yield advanced by 22bps to 9.2%. Across the curve, the average yield expanded at the short (+27bps) and long (+31bps) ends as investors sold off the 36DTM (+244bps) and 295DTM (+197bps) bills, respectively. Meanwhile, the average yield closed flat at the mid segment. Elsewhere, the average yield remained at 9.6% in the OMO segment.
Similarly, the FGN bonds secondary market traded on a bearish note, as the average yield increased by 37bps to 14.4%. Across the benchmark curve, the average yield advanced across the short (+56bps), mid (+51bps) and long (+21bps) segments due to sell pressures on the MAR-2024 (+219bps), JUL-2030 (+95bps) and JUN-2038 (+107bps) bonds, respectively.
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