APRIL. 11 2023-theGBJournal | The NGX Exchange benchmark index, the All-Share Index, gave up 1.96% to close at 51,952.99 points. This loss marked the ASI’s sixth straight session loss.
Selloff in index heavyweight, AIRTELAFRI (-10.00%) was the major drag on the overall market’s performance. As a result, the year-to-date (YTD) return dipped to 1.37%, while the market capitalization shed N569.12bn to close at N28.30trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 148.31%.
A total of 1.72bn shares valued at N4.79bn were exchanged in 4,286 deals. TRANSCORP (+2.19%) led the volume and value charts with 1.55bn units traded in deals worth N2.10bn.
Market breadth closed negative at a 11.00-to-1 ratio with declining issues outnumbering advancing ones. AIRTELAFRI (-10.00%) topped twenty-one (21) others on the laggard’s log, while NAHCO (+3.06%) topped TRANSCORP (+2.19%) on the leader’s table.
Meanwhile, the Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 68bps to 8.8%. Across the curve, the average yield expanded at the short (+45bps) and long (+46bps) ends following the selloffs of the 44DTM (+179bps) and 352DTM (+13.12ppts) bills, respectively.
Conversely, the average yield pared at the mid (-1bp) segment as market participants demanded the 149DTM (-1bp) bill. Elsewhere, the average yield was unchanged at 4.0% in the OMO segment.
Trading activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 13.5%. Across the benchmark curve, the average yield was flat at the short and mid segments but expanded slightly at the long (+1bp) end due to profit-taking activities on the APR-2049 (+4bps) bond.
The naira appreciated by 0.1% to NGN462.88/USD at the I&E window.
The overnight lending rate expanded by 13bps to 19.0%, in the absence of any significant funding pressure on the system.
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