…The overnight lending rate expanded by 19bps to 16.3%, in the absence of any significant funding pressure on the system.
TUE, FEB 13 2024-theGBJournal|Trading in the Treasury bills secondary market was bullish, as the average yield contracted by 16bps to 15.2%.
Across the curve, the average yield dipped at the short (-57bps) and mid (-1bp) segments following interests on the 9DTM (-427bps) and 177DTM (-1bp) bills, respectively, but closed flat at the long end.
Similarly, the average yield dipped by 5bps to 17.9% in the OMO segment.
Activities in the Treasury bonds secondary market were bearish, as the average yield expanded by 24bps to 15.8%.
Across the benchmark curve, the average yield increased at the short (+43bps), mid (+49bps) and long (+5bps) segments due to profit-taking activities on the JAN-2026 (+256bps), APR-2032 (+105bps) and JUN-2038 (+33bps) bonds, respectively.
The naira appreciated by 2.4% to N1,499.07/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 19bps to 16.3%, in the absence of any significant funding pressure on the system.
Meanwhile, sentiments in the domestic bourse turned negative as profit-taking activities in ZENITHBANK (-3.8%), UBA (-4.8%), and FBNH (-2.9%) undermined market performance.
Consequently, the All-Share Index declined by 0.3% to 101,707.70 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.6% and +36.0%, respectively.
The total volume traded increased by 8.6% to 263.19 million units, valued at NGN4.30 billion, and exchanged in 8,614 deals. VERITASKAP was the most traded stock by volume at 49.07 million units, while UBA was the most traded stock by value at NGN587.50 million.
On sectors, the Banking (-1.9%), Consumer Goods (-0.2%) and Industrial Goods (-0.1%) indices declined, while the Insurance (+1.1%) and Oil & Gas (+0.1%) indices advanced.
As measured by market breadth, market sentiment was negative (0.8x), as 28 tickers lost relative to 23 gainers. PZ (-9.9%) and MORISON (-9.8%) recorded the most significant losses of the day, while HONYFLOUR (+9.9%) and CORNERST (+9.9%) topped the gainers’ list.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
