WED. 05 APRIL 2023-theGBJournal | For the fourth consecutive session, the NGX Exchange sustained its losing streak, bringing down the benchmark Index by 1.88% to close at 53,018.97 points, the lowest point since 30 January.
The decline puts the index on track for another week of loss. On market movers, the weak performance was driven by selloffs in index heavyweights, AIRTELAFRICA (-10.00%) offset gains in ZENITHBANK (+1.39%), GTCO (+0.41%) and WAPCO (+0.78%) dragging down the market.
As a result, the year-to-date (YTD) return fell to 3.45%, while the market capitalization lost N553.71bn to close at N28.88trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 12.78%. A total of 197.33m shares valued at N2.67bn were exchanged in 3,506 deals.
UBA (+0.00%) led the volume chart with 64.20m units traded, while AIRTELAFRICA (-10.00%) led the value chart in deals worth N536.80m.
Market breadth closed negative at a 1.10-to-1 ratio with declining issues outnumbering advancing ones. AIRTELAFRICA (-10.00%) topped ten (10) others on the laggard’s log, while WAPIC (+7.50%) led nine (9) others on the leader’s table.
The treasury bills secondary market were bullish, as the average yield contracted by 4bps to 7.7%.
Across the curve, the average yield was unchanged at the short and mid segments but contracted at the long (-7bps) end following buying interest in the 337DTM (-56bps) bill. Elsewhere, the average yield was flat at 4.0% in the OMO segment.
The FGN bond secondary market closed on a bullish note, as the average yield contracted by 2bps to 13.4%.
Across the benchmark curve, the average yield declined at the short (-6bps) end as market participants demanded the MAR-2024 (-46bps) bond, but was flat at the mid and long segments.
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