TUE. 13 DEC, 2022-theGBJournal| Bearish sentiments returned to the Nigerian equities market in today’s trading as profit-taking in MTNN (-3.3%) undermined market performance.
Thus, the NGX ASI dipped by 0.1% to 48,853.54 points. Consequently, the Month-to-Date and Year-to-Date gains moderated to +2.5% and +14.4%, respectively.
The total volume of trades decreased by 31.1% to 162.98 million units, valued at NGN3.87 billion, and exchanged in 3,286 deals. STERLNBANK was the most traded stock by volume at 31.61 million units, while MTNN was the most traded stock by value at NGN2.60 billion.
Sectoral performance was broadly positive, as the Industrial Goods (+1.8%), Banking (+0.6%) and Insurance (+0.3%) indices recorded gains, while the Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 15 tickers lost relative to 12 gainers. SCOA (-9.3%) and CHAMS (-8.7%) recorded the highest losses of the day, while CORNERST (+8.7%) and BUACEMENT (+3.6%) topped the gainers’ list.
The NTB secondary market closed on a bullish note, as the average yield contracted by 7bps to 8.2%. Across the curve, the average yield declined at the short (-17bps) and long (-17bps) ends following interest on the 86DTM (-85bps) and 268DTM (-101bps) bills, respectively, but expanded at the mid (+15bps) segment as participants sold off the 163DTM (+77bps) bill. Elsewhere, the average was flat at 10.1% in the OMO segment.
Similarly, the FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 31bps to 13.7%. Across the benchmark curve, the average yield dipped at the short (-61bps) and long (-20bps) ends due to sell-offs on the MAR-2025 (-152bps) and APR-2037 (-60bps) bonds, respectively. Meanwhile, the average yield was flat at the mid segment.
The naira depreciated by 0.1% to close at N446.38/USD at the I&E window.
The overnight lending rate contracted by 100bps to 15.3%, in the absence of any significant pressure on the system.
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