TUE. 10 JANUARY, 2023-theGBJournal| The domestic equities market reversed yesterday’s gain as investors took profits off AIRTELAFRI (-4.3%). Accordingly, the NGX ASI closed 0.5% lower to 51,446.60 points, with the Year-to-Date return moderating to +0.4%.
The total volume traded increased by 50.7% to 345.49 million units, valued at NGN8.29 billion, and exchanged in 4,184 deals. FBNH was the most traded stock by volume at 151.39 million units, while BUACEMENT was the most traded stock by value at NGN2.92 billion.
Analyzing by sectors, the Insurance (-1.8%) and Consumer Goods (-0.1%) indices closed red, while the Industrial Goods (+1.5%) and Banking (+0.1%) indices gained. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 18 tickers gained relative to 15 losers. THOMASWY (+9.4%) and MBENEFIT (+7.1%) topped the gainers’ list, while NEM (-10.0%) and CHAMPION (-9.6%) recorded the highest losses of the day.
Bullish sentiments persisted in the NTB secondary market as the average yield declined by 11bps to 2.9%. Across the curve, the average yield dipped at the short (-19bps) and mid (-12bps) segments due to bargain hunting on the 79DTM (-78bps) and 107DTM (-48bps) bills, respectively.
Meanwhile, the average yield was flat at the long end. However, the average yield was flat at 3.4% in the OMO segment.
Elsewhere, the Treasury bond secondary market closed on a bearish note, as the average yield expanded by 6bps to 12.6%. Across the benchmark curve, the average yield contracted at the short (-1bp) end following investor’s demand for the APR-2023 (-48bps) bond but expanded at the long (+15bps) end due to selloffs on the MAR-2050 (+42bps) bond. Conversely, the average yield was flat at the mid segment.
The naira was flat at NGN461.50/USD at the I&E window
The overnight lending rate contracted by 100bps to 9.8%, following inflow from OMO maturities (N10 billion).
Twitter-@theGBJournal|Facebook-The Government and Business Journal|email:gbj@govbusinessjournal.ng|govandbusinessj@gmail.com
