THUR, AUGUST 24 2023-theGBJournal |The Nigerian equities market halted its bullish streak as profit-taking activities witnessed in FBNH (-5.3%) weighed on the market’s performance. Thus, the All-Share Index declined by 0.1% to 65,401.82 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +1.7% and +27.6%, respectively.
The total volume traded increased by 67.4% to 583.09 million units, valued at NGN12.90 billion, and exchanged in 6,968 deals. TRANSCORP remained the most traded stock by volume at 144.49 million units, while MTNN was the most traded stock by value at NGN6.16 billion.
From a sectoral standpoint, the Banking (-1.8%), Insurance (-0.2%), Oil & Gas (-0.1%), and Industrial Goods (-0.1%) indices printed losses, while the Consumer Goods (+1.0%) index advanced.
As measured by market breadth, market sentiment was negative (0.5x) as 39 tickers lost relative to 19 gainers. FTNCOCOA (-10.0%) and REDSTAREX (-9.9%) recorded the highest losses of the day, while OMATEK (+10.0%) and TRANSCORP (+10.0%) topped the gainers’ list.
The overnight lending rate expanded by 65bps to 25.4%, in the absence of any significant outflows from the system.
Quiet trading continued in the Treasury bills secondary market as the average yield closed flat at 8.3%. Elsewhere, the average yield remained at 11.2% in the OMO segment.
Trading in the Treasury bonds secondary market was bearish, as the average yield expanded by 2bps to 14.1%. Across the benchmark curve, the average yield advanced at the mid (+10bps) segment as investors sold off the APR-2029 (+29bps) bond. However, the average yield was unchanged at the short and long ends of the curve.
The naira appreciated by 0.2% to N771.69/USD at the I&E window.
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