…Treasury Bills rise 1bp to 23.6%
…Naira crash to N1,659.69/US$
WED OCT 16 2024-theGBJournal| The NGX All-Share Index reversed some of its prior gains, as it tumbled 25bps to close at 98,291.53 points on Wednesday.
The market relapse was primary driven by losses in ARADEL (-5.85%), ZENITHBANK (-0.13%) and FBNH (-0.19%) which outweighed gains in GTCO (+0.97%), OANDO (+3.99%), and DANGSUGAR (+9.69%).
Consequently, the ASI year-to-date return slipped to 31.45%, while the market capitalization shed N148.06 billion to close at N59.56 trillion.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down 66.46%. A total of 257.55m shares valued at N9 billion were exchanged in 7,776 deals.
FIDELITYBK (-2.34%) led the volume chart with 38.21m units traded, while ARADEL (-5.85%) led the value chart in deals worth N3.15 billion.
Market breadth closed positive at a 1.10-to-1 ratio with advancing issues outnumbering the declining ones. DEAPCAP (+10.00%) topped twenty-two others on the leader’s table while CUSTODIAN (-8.98%) led twenty others on the laggard’s log.
At the fixed income market, the Nigerian treasury bills secondary market traded on a calm note but with a bearish undertone as the average yield expanded marginally by 1bp to 23.6%.
Across the curve, the average yield declined at the short (-1bp) and long (-2bps) ends, driven by demand for the 22DTM (-2bps) and 330DTM (-2bps) bills, respectively, but expanded at the mid (+10bps) segment due to the sell-off of the 162DTM (+77bps) bill. Elsewhere, the average yield dipped by 2bps to 25.8% in the OMO segment.
Trading in the Treasury bond secondary market closed on a bearish note, as the average yield increased by 6bps to 19.0%.
Across the benchmark curve, the average yield expanded at the short (+2bps) and mid (+20bps) segments following profit-taking activities on the APR-2029 (+12bps) and FEB-2031 (+57bps) bonds, respectively, while it remained flat at the long end.
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