THUR, JULY 20 2023-theGBJournal | Bullish sentiments resurfaced in the local bourse as buying interest in GEREGU (+5.7%) drove the benchmark index 0.3% higher.
The All-Share Index closed at 63,930.72 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +4.9% and +24.7%, respectively.
The total volume of trades increased by 187.0% to 1.36 billion units, valued at NGN18.07 billion, and exchanged in 7,179 deals. UBA was the most traded stock by volume and value at 961.50 million units and N13.31 billion, respectively.
Sectoral performance was broadly positive, as the Insurance (+1.2%), Banking (+0.6%), Oil & Gas (+0.4%), and Consumer Goods (+0.3%) indices recorded gains, while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.0x), as 41 tickers gained relative to 21 losers.
UPL (+10.0%) and ACADEMY (+10.0%) recorded the highest gains of the day, while COURTVILLE (-9.9%) and FTNCOCOA (-9.7%) topped the losers’ list.
At the currency market, the naira appreciated by 3.3% to N768.16/USD at the I&E window.
The overnight lending rate grew significantly by 962bps to 21.9%, as the system liquidity closed at a net short position (NGN235.16 billion).
The NTB secondary market traded in a lull as the average yield remained at 4.3%.
Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 3bps to 12.8%. Across the benchmark curve, the average yield dipped at the mid (-9bps) and long (-3bps) segments as investors demanded the APR-2032 (-15bps) and JUN-2053 (-31bps) bonds, respectively.
Elsewhere, the average yield closed flat at the short end.
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