WED, 23 NOV, 2022-theGBJournal| The bullish momentum in the Nigerian equities market switched into a higher gear as renewed interest in DANGCEM (+10.0%) and BUACEMENT (+9.7%) drove the benchmark index 2.9% higher – the most significant single-day gain since 08 November 2021 (+2.9%).
Thus, the NGX ASI closed at 46,232.37 points. Accordingly, the Month-to-Date and Year-to-Date gains increased to +5.5%, and +8.2%, respectively.
The total volume traded increased by 48.5% to 187.91 million units, valued at NGN1.84 billion, and exchanged in 3,458 deals. TRANSCORP was the most traded stock by volume at 26.53 million units, while ZENITHBANK was the most traded stock by value at NGN250.04 million.
On sectors, gains in the Industrial Goods (+9.3%), Consumer Goods (+3.9), Insurance (+3.7%), Banking (+1.8%), and Oil & Gas (+0.7%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was positive (2.7x) as 27 tickers gained relative to 10 losers. NSLTECH (+10.0%) and DANGCEM (+10.0%) topped the gainers’ list, while SCOA (-9.3%) and ROYALEX (-9.0%) recorded the highest losses of the day.
The naira depreciated by 0.1% to NGN446.00/USD at the I&E window.
At the money market, the overnight lending rate was flat at 17.3%, as the system liquidity closed at a net short position (N115.64 billion).
Trading in the NTB secondary market was quiet, as the average yield remained at 10.6%. Similarly, the average yield was flat at 10.2% in the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 10bps to 14.4%. Across the benchmark curve, the average yield expanded at the short (+2bps) and long (+20bps) ends following profit-taking activities on the MAR-2025 (+15bps) and MAR-2035 (+44bps) bonds, respectively. T
he average yield closed flat at the mid segment.
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