…Naira depreciated by 0.4% to NGN1,461.90/USD at the Nigerian Autonomous Foreign Exchange Market
THUR, FEB 01 2024-theGBJournal|The NGX Exchange closed higher on Thursday, rebounding from the last two-day fall it suffered in January.
The All-Share Index rose 1.6% higher to 102,802.25 points as investors interest in BUAFOODS (+4.9%) and tier-1 banking stocks spurred market positive performance.
Accordingly, the Month-to-Date and Year-to-Date returns printed +1.6% and +37.5%, respectively.
The total volume traded increased by 14.9% to 861.01 million units, valued at N12.16 billion, and exchanged in 12,851 deals.
UNIVINSURE was the most traded stock by volume at 113.76 million units, while ZENITHBANK was the most traded stock by value at N2.76 billion.
From a sectoral perspective, the Banking (+7.8%), Consumer Goods (+4.4%), Insurance (+2.2%), and Industrial Goods (+0.4%) indices recorded gains, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (3.1x), as 52 tickers gained relative to 17 losers.
CAVERTON (+10.0%) and CHAMS (+10.0%) recorded the most significant gains of the day, while DEAPCAP (-9.9%) and CWG (-9.9%) topped the losers’ list.
The naira depreciated by 0.4% to NGN1,461.90/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 252bps to 22.9%, in the absence of any significant outflows from the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 10bps to 9.1%.
Across the curve, the average yield dipped at the short (-33bps) end following buying interests on the 35DTM (-233bps) bill but closed flat at the mid and long segments. Elsewhere, the average yield remained at 9.6% in the OMO segment.
Meanwhile, proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 4bps to 14.4%.
Across the benchmark curve, the average yield contracted at the short (-17bps) end, as investors demanded the MAR-2024 (-209bps) bond but expanded at the long (+17bps) end due to the sell-off of the APR-2049 (+113bps) bond. Conversely, the average yield closed flat at the mid segment.
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