…Trading in the NTB secondary market was mixed
…Treasury bond secondary market remained bullish
THUR. 02 FEB, 2023-theGBJournal| Positive trading persisted in the domestic bourse as bargain buying in MTNN (+3.9%) and SEPLAT (+9.5%) spurred a 0.9% gain in the All-Share Index to 53,998.12 points. Consequently, the Month-to-Date and Year-to-Date returns advanced to +1.4% and +5.4%, respectively.
The total volume traded increased by 1331.9% to 2.87 billion units, valued at N8.07 billion, and exchanged in 3,940 deals. UNIVINSURE was the most traded stock by volume at 2.72 billion units, while AIRTELAFRI was the most traded stock by value at NGN3.49 billion.
Sectoral performance was mixed, as the Banking (-0.4%) and Insurance (-0.4%) indices declined, while the Consumer Goods and Industrial Goods indices closed flat. The Oil & Gas (+5.2%) index was the sole gainer for the day.
As measured by market breadth, market sentiment was positive (2.1x), as 27 tickers gained relative to 13 losers. MRS (+10.0%) and NNFM (+9.9%) recorded the highest gains of the day, while SUNUASSUR (-8.1%) and MBENEFIT (-7.7%) topped the losers’ list.
Trading in the NTB secondary market was mixed, albeit, with a bearish tilt, as the average yield expanded slightly by 1bp to 1.6%. Across the curve, the average yield was flat at the short and mid segments but expanded at the long (+3bps) end due to the sell-off of the 280DTM (+18bps) bill. Elsewhere, the average yield was unchanged at 2.0% in the OMO segment.
The Treasury bond secondary market remained bullish, as the average yield contracted by 6bps to 12.9%. Across the benchmark curve, the average yield contracted at the short (-14bps) and long (-3bps) ends following buying interests in the JAN-2026 (-43bps) and APR-2037 (-21bps) bonds, respectively. The average yield was flat at the mid segment.
At the money market, the overnight lending rate contracted by 13bps to 10.8%, in the absence of any significant funding pressure on the system while the local currency depreciated by 0.1% to N462.00/USD at the I&E window.
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