TUE, APRIL. 18 2023-theGBJournal |The Nigerian stock market posted a 0.04% rebound to close at 51,138.92 points, snapping its snaps losing streak to lead year-to-date return higher.
Gains in GTCO (+0.60%), NB (+1.10%), and FBNH (+1.46%), drove the market’s recovery outweighing losses in ZENITHBANK (-0.91%), WAPCO (-0.21%), and ACCESSCORP (-0.56%).
Consequently, the ASI’s year-to-date (YTD) return increased to -0.22%, while the market capitalization gained N6.04bn to close at N27.85trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 220.17%. A total of 1.82bn shares valued at N.02bn were exchanged in 4,669 deals. TRANSCORP (+9.73%) led the volume and value charts with 1.60bn units traded in deals worth N3.09bn.
Market breadth closed negative at a 1.13-to-1 ratio with declining issues outnumbering advancing ones. VITAFOAM (-8.65%) topped seventeen (17) others on the laggard’s log while TRANSCORP (+9.73%) topped fifteen (15) others on the leader’s table.
At the money market, the overnight lending rate remained elevated at 19.0%, amid the settlement for FGN bond auction (N368.60 billion). The local currency, the Naira, depreciated by 0.2% to close at N463.25/USD at the I&E window.
The Treasury Bills secondary market traded quietly, as the average yield was unchanged at 8.8%. Elsewhere, the average yield stayed flat at 4.0% in the OMO segment.
The FGN bond secondary market traded with bearish sentiments, as the average yield expanded by 14bps to close at 13.9%.
Across the benchmark curve, the average yield expanded at the short (+42bps) and long (+4bps) ends, as investors sold off the APR-2023 (+278bps) and JAN-2042 (+21bps) bonds, respectively. Meanwhile, the average yield pared at the mid (-1bp) segment, following demand for the NOV-2028 (-9bps) bond.
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