…The NTB secondary market traded on a bearish note, as the average yield advanced by 8bps to 15.2%.
WED, FEB 14 2024-theGBJournal|Bullish sentiments resurfaced in the local stock market today as bargain hunting in AIRTELAFRI (+10.0%) triggered a 1.8% expansion in the All-Share Index to 103,498.28 points. Sequentially, the Month-to-Date and Year-to-Date returns advanced to +2.3% and +38.4%, respectively.
The total volume traded increased by 62.2% to 426.86 million units, valued at N12.11 billion, and exchanged in 8,654 deals.
FBNH was the most traded stock by volume at 54.61 million units, while GEREGU was the most traded stock by value at N2.50 billion.
Performance across the sectors was mixed, as the Oil & Gas (+5.3%), Consumer Goods (+4.0%) and Banking (+2.0%) indices advanced, while the Industrial Goods (-3.5%) and Insurance (-0.3%) indices declined.
As measured by market breadth, market sentiment was positive (1.0x), as 26 tickers gained relative to 25 gainers. AIRTELAFRI (+10.0%) and UNITYBNK (+10.0%) recorded the highest gains of the day, while MECURE (-10.0%) and THOMASWY (-10.0%) topped the losers’ list.
The naira depreciated by 0.3% to N1,503.38/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate contracted by 83bps to 15.5%, in the absence of any significant inflows into the system.
The NTB secondary market traded on a bearish note, as the average yield advanced by 8bps to 15.2%. Across the curve, the average yield increased at the short (+76bps) and mid (+10bps) segments following sell pressures on the 57DTM (+190bps) and 99DTM (+99bps) bills, respectively. Conversely, the average yield contracted at the long (-32bps) end as investors demanded the 204DTM (-97bps) bill. Meanwhile, the average yield pared by 1bp at 17.8% in the OMO segment.
Proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 10bps to 15.9%. Across the benchmark curve, the average yield advanced at the short (+32bps) end as participants sold off the MAR-2024 (+192bps) bond but closed flat at the mid and long segments.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
