…Treasury bond secondary market traded on a bearish note
…The overnight lending rate expanded by 150bps to 26.7%
…The Nigerian Treasury bills secondary market activities were bullish, as the average yield contracted by 10bps to 12.6%.
THUR, NOV 23 2023-theGBJournal|The NGX All-Share Index closed slightly higher on Thursday as investors gobbled ZENITHBANK, GTCO and OANDO stocks.
All three big stocks gained +0.30%, +1.96% and +2.13% respectively but the market is on track to close the week red.
The benchmark Index gained 0.07% to close at 71,052.85 points as the ASI’s year-to-date (YTD) return increased to 38.64% while the market capitalization gained N26.87bn to close at N39.07trn.
Market activities showed trade turnover settling lower relative to the previous session, with the value of transactions down by 53.32%.
A total of a 563.71m shares valued at N3.44bn were exchanged in 6,579 deals. UNIVINSURE (+8.33%) led the volume chart with 164.30m units traded while ZENITHBANK (+0.30%) led the value chart in deals worth N694.17m.
Market breadth closed positive at a 1.89-to-1 ratio, with advancing issues outnumbering declining ones.
BETAGLAS (+10.00%) topped thirty-three others on the leader’s log, while ELLAHLAKES (-9.89%) led seventeen others on the laggard’s table.
Meanwhile, the naira depreciated by 12.1% to N956.33/USD (N840.53/$ on Wednesday) at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 150bps to 26.7%, following the debit for NTB net issuance (NGN453.58 billion).
The Nigerian Treasury bills secondary market activities were bullish, as the average yield contracted by 10bps to 12.6%.
Across the benchmark curve, the average yield closed flat at the short and mid segments but declined at the long (-21bps) end as investors demanded the 245DTM (-200bps) bill. Likewise, the average yield pared by 1bp to 14.7% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded on a bearish note, as the average yield expanded by 20bps to 16.1%.
Across the benchmark curve, the average yield closed flat at the short end but expanded at the mid (+67bps) and long (+12bps) segments due to the sell-off of the APR-2029 (+71bps) and MARR-2035 (+70bps) bonds, respectively.
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