…Naira depreciated by 2.7% to N885.88/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM)
SAT, DEC 23 2023-theGBJournal|A total turnover of 2.474 billion shares worth N53.787 billion in 35,848 deals was traded this week by investors on the floor of the Exchange, according to to the NGX Exchange trading data.
This is in contrast to a total of 1.882 billion shares valued at N31.630 billion that exchanged hands last week in 33,020 deals.
By close of trading on Friday, the benchmark index, NGX All-Share Index as well as Market Capitalization appreciated by 2.26% to close the week at 74,023.27 and N40.507 trillion respectively.
Similarly, all other indices finished higher with the exception of NGX ASeM, NGX Consumer
Goods and NGX Growth which depreciated by 0.90%, 0.70% and 0.18% respectively while
the NGX Sovereign Bond index closed flat.
Trading in the top three equities namely Abbey Mortgage Bank Plc, Transnational Corporation Plc and Access Holdings Plc (measured by volume) accounted for 621.814 million shares worth N6.338 billion in 4,235 deals, contributing 25.13% and 11.78% to the total equity turnover volume and value respectively.
However, wrapping up the week’s trading session, the Nigerian equities ended its four-day winning streak as the benchmark index relapsed by 0.36% to close at 74,023.27 points.
Selloff in telco heavyweight MTNN (-3.77%), tier-1 bank namely ZENITHBANK (-1.94%), and UBA (-1.54%) drove the market’s weak performance, outweighing gains in GTCO (+0.12%), STANBIC (+0.46%), and DANGSUGAR (+1.68%).
Having gained in four of the five trading sessions this week, the ASI closed 2.26% higher w/w, its ninth consecutive weekly gain.
Over the course of the week, strong performances in AIRTELAFRI (+4.87% w/w), MTNN (+2.04% w/w) and ZENITHBANK (+2.16% w/w drove the market’s positive performance, outweighing losses in STANBIC (-1.67% w/w), NESTLE (-1.74% w/w) and NB (-5.01%w/w).
Consequently, the year-to-date (YTD) return rose to 44.43%, while the market capitalization gained N894.17 billion w/w to close at ₦40.51 trillion.
Market breadth closed positive at a 1.78-to-1 ratio with advancing issues outnumbering the declining ones. TRANSCOHOT (+10.00%) topped thirty-one others on the leader’s table while INTBREW (-8.33%) led seventeen others on the laggard’s log.
Meanwhile, at the FX market, the naira depreciated by 2.7% to NGN885.88/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate contracted by 31bps to 15.3%, in the absence of any significant inflow into the system.
The Treasury bills secondary market activities were bullish, as the average yield declined by 4bps to 8.1%.
Across the curve, the average yield declined at the short (-15bps) end following demand for the 76DTM (-76bps) bill but closed flat at the mid and long segments. Elsewhere, the average yield was unchanged at 11.4% in the OMO segment.
Proceedings in the Treasury bond secondary market were calm, as the average yield closed flat at 14.4%.
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