…The overnight lending rate expanded by 133bps to 25.2%
…The NTB secondary market traded quietly, as participants shifted focus to today’s primary auction
…GN bonds secondary market traded in a lull as the average yield closed flat at 15.9%
WED, NOV 22 2023-theGBJournal|Bearish sentiments returned to the domestic equities market today following profit-taking activities in MTNN (-0.6%) and FBNH (4.0%). Thus, the NGX ASI declined by 0.1% to 71,004.95 points, with the Month-to-Date and Year-to-Date returns settling at +2.6% and +38.5%, respectively.
The total volume traded declined by 12.8% to 428.44 million units, valued at NGN7.37 billion, and exchanged in 6,677 deals. VERITASKAP was the most traded stock by volume at 62.08 million units, while MTNN was the most traded stock by value at N2.81 billion.
Performance across sectors was mixed, as the Consumer Goods (-0.2%) and Industrial Goods (-0.1%) indices recorded losses, while the Insurance (+0.8%) and Banking (+0.2%) indices gained. Meanwhile, the Oil & Gas index remained unchanged.
As measured by market breadth, market sentiment was positive (2.3x), as 35 tickers gained relative to 15 losers. DAARCOMM (+10.0%) and RTBRISCOE (+10.0%) topped the gainers’ list, while CILEASING (-7.6%) and PRESTIGE (-7.6%) recorded the highest losses of the day.
The naira depreciated by 1.1% to N840.53/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 133bps to 25.2%, despite the inflow from FGN bond coupon payment (NGN9.44 billion).
The NTB secondary market traded quietly, as participants shifted focus to today’s primary auction. Thus, the average yield was unchanged at 12.7%. Across the curve, the average yield was flat at the short and mid segments but contracted at the long (-1bp) end as participants demanded the 337DTM (-1bp) bill. Meanwhile, the average yield pared by 1bp to 14.7% in the OMO segment.
Similarly, the FGN bonds secondary market traded in a lull as the average yield closed flat at 15.9%.
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