WED, 14 SEPT, 2022-theGBJournal| Activities in the domestic equities market remained weak, as the All-Share Index settled lower by 0.1% to close at 49,575.93 points, driven by losses in some banking stocks – ZENITHBANK (-2.5%), UBN (-3.4%) and UBA (-1.3%). Accordingly, the Month-to-Date and Year-to-Date returns settled at -0.5% and +16.1%, respectively.
The total volume traded increased by 23.2% to 197.46 million units, valued at NGN2.94 billion, and exchanged in 3,462 deals. COURTVILLE was the most traded stock by volume at 87.14 million units, while NESTLE was the most traded stock by value at NGN1.63 billion.
Analysing by sectors, the Banking (-1.3%) and Insurance (-1.1%) indices closed in the red, while the Industrial Goods, Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x) as 17 tickers lost relative to 13 gainers. FTNCOCOA (-9.4%) and CHAMS (-9.1%) topped the losers’ list, while REGALINS (+8.0%) and ABCTRANS (+7.1%) recorded the most significant gains of the day.
The overnight lending rate contracted by 50bps to 7.5%, in the absence of any significant inflow into the system.
At currency market, the naira depreciated by 0.1% to NGN436.50/USD at the I&E window.
The Treasury bills secondary market traded quietly, as participants stayed on the sideline in anticipation of today’s NTB PMA. As a result, the average yield was flat at 7.8%. Similarly, the average yield was unchanged at 10.6% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish, as the average contracted by 25bps to 12.7%. Across the benchmark curve, the average yield dipped at the short (-80bps) end following investors’ interest in the APR-2023 (-362bps) bond but was flat at the mid and long segments.
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