…The Nigerian equities market maintained its bearish streak as sell pressures on DANGSUGAR (-9.7%) and tier-1 banks weighed on today’s performance.
WED, FEB 28 2024-theGBJournal|The FGN bond secondary market remained bearish, as the average yield advanced by 35bps to 17.1%.
Across the benchmark curve, the average yield expanded at the short (+31bps), mid (+78bps), and long (+20bps) segments due to sell-offs of the APR-2029 (+68bps), APR-2032 (+196bps) and JUL-2034 (+63bps) bonds, respectively.
Trading in the T-bills secondary market closed on a bearish note, as the average yield expanded by 30bps to 16.9%.
Across the curve, the average yield increased at the short (+6bps), mid (+25bps) and long (+47bps) segments as participants took profits off the 57DTM (+124bps), 99DTM (+90bps) and 344DTM (+147bps) bills, respectively.
Elsewhere, the average yield contracted by 15bps to 18.0% in the OMO segment.
At the money market, the overnight lending rate contracted by 357bps to 23.1%, in the absence of any significant inflows into the system.
The naira appreciated by 0.4% to N1,609.51/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Meanwhile, the Nigerian equities market maintained its bearish streak as sell pressures on DANGSUGAR (-9.7%) and tier-1 banks weighed on today’s performance. As a result, the All-Share Index dipped by 1.3% to close at 99,302.57 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -1.8% and +32.8%, respectively.
The total volume traded increased by 41.3% to 396.23 million units, valued at N5.83 billion, and exchanged in 10,549 deals. TRANSCORP was the most traded stock by volume at 52.57 million units, while ZENITHBANK was the most traded stock by value at N1.00 billion.
On sectors, the Banking (-6.9%), Insurance (-3.7%), Consumer Goods (-1.2%) and Industrial Goods (-0.4%) indices declined, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.1x) as 50 tickers lost relative to 4 gainers. WEMABANK (-10.0%) and WAPCO (-10.0%) recorded the most significant losses of the day, while PZ (+10.0%) and MANSARD (+1.5%) topped the gainers’ list.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
