THUR, 28 JULY, 2022-theGBJournal| The bears continued to dominate the Nigerian equities market as the NGX All-Share Index slumped by 1.04% to settle at 49,667.14. This loss marks the ASI’s eighth straight decline and its longest losing streak since 11 October 2019.
Selloffs in NESTLE (-9.84%), ZENITHBANK (-8.25%), and STANBIC (-9.98%) dragged the overall market’s performance, placing it on track for a third weekly loss in four weeks. Consequently, the year-to-date (YTD) return fell to 16.27%, while the market capitalization shed N281.2bn to close at N26.78trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 4.49%. A total of 206.22m shares valued at N3.9bn were exchanged in 5,053 deals. TRANSCORP (+0.99%) led the volume chart with 38.53m units traded, while MTNN (+0.00%) led the value chart with deals worth N2.03bn.
Market breadth closed negative at a 2.8-to-1 ratio, with declining issues outnumbering advancing ones. LASACO (-10.00%) led twenty-seven (27) others on the laggard’s log while UPDCREIT (+9.23%) topped nine (9) others on the leader’s table.
Key highlights of market activities
| Indicators | Current | Change (%) | YTD |
| All-Share Index | 49,667.14 | -1.04 | +16.27 |
| Market Cap. (N ‘trillion) | 26.78 | -1.04 | +20.12 |
| Volume (millions) | 206.22 | -75.14 | |
| Value (N ‘billion) | 3.92 | -4.49 | |
Meanwhile, the naira appreciated by 0.9% to NGN426.20/USD at the I&E window.
MONEY MARKET & FIXED INCOME
At the money market, the overnight lending rate remained unchanged at 15.0%, as system liquidity remained in a short position, closing at NGN413.40 billion.
Trading in the Treasury bills secondary market was bearish, as the average yield expanded by 37bps to 7.6%. Across the curve, the average yield expanded at the short (+50bps) and mid (+123bps) segments due to sell-offs of the 14DTM (+302bps) and 119DTM (+369bps) bills, but closed flat at the long end. Similarly, the average yield expanded by 70bps to 9.6% in the OMO segment.
The Treasury bond secondary market remained bearish as the average yield expanded by 2bps to 11.9%. Across the benchmark curve, the average yield closed flat at the short and mid segments, but expanded at the long (+5bps) end as investors sold off the MAR-2050 (+34bps) bond.
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