…The naira rose by 2.7% to N1,645.40/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM)
…Treasury bills average yield contracted by 2bps to 23.9%
WED NOV 13 2024-theGBJournal| The NGX All-Share Index inched higher Wednesday underpinned by gains in UBA (+3.5%) and ZENITHBANK (+2.4%).
The All-Share index advanced by 0.2% to 97,477.80 points as investors stay positive ahead of next inflation figures report.
The Month-to-Date and Year-to-Date returns printing -0.2% and +30.4%, respectively, while market capitalization rose by N131.65bn to close at N59.07 trillion.
The total trading volume decreased by 30.7% to 242.93 million units, valued at N7.29 billion, and exchanged in 8,185 deals.
ACCESSCORP was the most traded stock by volume at 40.00 million units, while ARADEL was the most traded stock by value at NGN1.68 billion.
On sectoral performance, the Banking (+1.4%) and Consumer Goods (+0.4%) indices advanced, while the Insurance (-0.6%) index declined. The Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.5x), as 29 tickers gained relative to 19 losers. INTENEGINS (+10.0%) and JOHNHOLT (+10.0%) topped the gainers’ list, while REGALINS (-10.0%) and DAARCOMM (-7.5%) recorded the highest losses of the day.
Meanwhile, the naira rose by 2.7% to N1,645.40/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the money market, the overnight lending rate contracted by 12bps to 32.5% in the absence of any significant inflows into the system.
The fixed income market closed mixed with the Treasury bills secondary market trading with bullish sentiments in contrast to the bearish sentiments at the FGN bond secondary market.
Treasury bills average yield contracted by 2bps to 23.9%. Across the curve, the average yield declined at the short (-1bp), mid (-2bps), and long (-2bps) segments, driven by demand for the 85DTM (-2bps), 176DTM (-2bps), and 344DTM (-2bps) bills, respectively.
Similarly, the average yield dipped by 6bps to 26.4% in the OMO segment.
Sentiments remained cautious in the FGN bond secondary market but with a bearish tilt as the average yield inched higher by 1bp to 19.1%.
Across the benchmark curve, the average yield expanded at the mid (+4bps) segment, driven by sell pressures on the FEB-2031 (+11bps) bond. Meanwhile, the average yield closed flat at the short and long ends.
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