MON 28 FEB, 2022-theGBJournal- Trading in the domestic equities market opened the week with a bullish performance as bargain buying activities on ETI (+5.3%), and WAPCO (+2.5%) triggered a 0.1% gain in the NGX All-Share Index to 47,394.53 points. Accordingly, the Month-to-Date and Year-to-Date returns increased to +1.7% and +11.0%, respectively.
The total volume traded increased by 18.7% to 300.76 million units, valued at NGN2.77 billion, and exchanged in 5,434 deals. FCMB was the most traded stock by volume at 104.41 million units, while ZENITHBANK was the most traded stock by value at NGN419.42 million.
Performance across sectors was broadly positive, as the Insurance (+1.0%), Banking (+0.6%), Consumer Goods (+0.3%), and Industrial Goods (+0.2%) indices advanced while the Oil & Gas (-0.2%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.3x) as 19 tickers gained relative to 15 losers. LINKASSURE (+10.0%) and ROYALEX (+9.6%) topped the gainers’ list, while ACADEMY (-9.7%) and RTBRISCOE (-9.6%) recorded the most significant losses of the day.
The NTB secondary market traded with mixed sentiments, although with a bullish tilt, as the average yield pared by 2bps to 3.6%. Across the curve, the average yield declined at the mid (-8bps) segment as market participants demanded the 150DTM (-46bps) bill but was unchanged at the short and long ends. Elsewhere, the average yield closed flat at 4.6% in the OMO segment.
Proceedings in the Treasury bond secondary market were bullish, as the average yield declined by 5bps to 10.9%. We highlight that buying activity was spread across the benchmark curve, as the average yield contracted at the short (-2bps), mid (-9bps), and long (-4bps) segments following interests in the APR-2023 (-4bps), FEB-2028 (-11bps), and APR-2049 (-14bps) bonds, respectively.
The overnight lending rate contracted by 267bps to 12.3%, in the absence of any significant funding pressure on the system.
The naira depreciated by 0.2% to NGN416.67/USD at the I&E window.
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