THUR, APRIL. 27 2023-theGBJournal| Nigerian Markets sustained bullish sentiment Thursday as the NGX benchmark Index, the treasury bills and FGN bond secondary markets ended the day’s trading in positive note.
The NGX Exchange (NGX) extended yesterday’s positive performance, driven by investors’ interest in BUAFOODS (+5.9%). Thus, the All-Share Index advanced by 0.3% to 52,235.88 points. Accordingly, the Month-to-Date loss moderated to -3.7%, while the Year-to-Date gain increased to +1.9%.
The total volume of trades declined by 64.0% to 2.33 billion units, valued at NGN17.62 billion, and exchanged in 6,958 deals. ACCESSCORP was the most traded stock by volume and value at 1.23 billion units and NGN12.51 billion, respectively.
Sectoral performance was mixed, as the Consumer Goods (+2.0%), Insurance (+0.4%), and Oil & Gas (+0.2%) indices recorded gains, while the Banking (-0.5%) and Industrial Goods (-0.1%) indices closed in the red.
As measured by market breadth, market sentiment was positive (1.4x), as 26 tickers gained relative to 18 losers. HONYFLOUR (+10.0%) and CADBURY (+9.8%) topped the gainers’ list, while NB (-10.0%) and INTENEGINS (-9.5%) recorded the most significant losses of the day.
The naira closed flat at NGN462.00/USD at the I&E window.
The overnight lending rate contracted by 25bps to 11.3% as the FGN bond coupon payment (NGN953.87 billion) supported system liquidity.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 169bps to 7.3%. Across the curve, the average yield closed flat at the short end but contracted at the mid (-150bps) and long (-224bps) segments as market participants demanded the 140DTM (-159bps) and 301DTM (328bps) bills, respectively.
The FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 3bps to 14.0%. Across the benchmark curve, the average yield contracted at the short (-9bps) end as investors demanded the MAR-2024 (-47bps) bond but closed flat at the mid and long segments.
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