TUE. 07 FEB, 2023-theGBJournal| The NGX All-Share Index relapsed today by 0.13% to close at 54,299.76 points – halting six days of successive rally on the local bourse.
Selloffs of industrial giant, DANGCEM (-0.71%) as well as losses in ZENITHBANK (-0.40%) and ACCESSCORP (-0.54%) offset demand for MTNN (+0.79%) and GTCO (+0.60%), driving the weak performance. Consequently, the ASI’s year-to-date (YTD) return decreased to 5.95%, while the market capitalization lost N33.50bn to close at N29.58trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 58.84%. A total of 200.04m shares valued at ₦7.62bn were exchanged in 4,380 deals. FCMB (-7.82%) led the volume chart with 27.98m units traded while GEREGU (-5.07%) led the value chart in deals worth ₦4.18bn.
Market breadth closed negative at a 1.47-to-1 ratio, with declining issues outnumbering advancing ones. JAPAULGOLD (-9.38%) topped twenty-four (24) others on the laggard’s log, while CONOIL (+10.00%) led sixteen (16) others on the leader’s table.
Meanwhile, the naira appreciated by 0.2% to NGN461.50/USD at the I&E window.
The overnight lending rate closed flat at 10.8%, amid the inflow from OMO maturities (NGN38.53 billion).
Trading in the NTB secondary market was quiet, as participants stayed on the sideline in anticipation of tomorrow’s NTB PMA. Thus, the average yield remained at 1.6%. Likewise, the average yield closed flat at 1.7% in the OMO segment.
Activities in the FGN bond secondary market were bullish, as the average yield contracted by 15bps to 12.8%. Across the benchmark curve, the average yield declined at the short (-41bps) end following buying interests on the MAR-2024 (-138bps) bond but closed flat at the mid and long segments.
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