WED. 07 DEC, 2022-theGBJournal| Nigerian equities extended the strong bullish run as the benchmark index inched up by 0.12% to close at 48,426.49 points, the highest point since 05 October 2022.
Investors interests in NESTLE (+1.67%), NB (+4.62%) and GEREGU (+2.78%) offset losses in ZENITHBANK (-0.23%), GTCO (-0.24%) and UBA (-0.68%). Consequently, the year-to-date (YTD) return rose to 13.37%, while market capitalization gained N32.57bn to close at N6.38trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 5.55%. A total of 146.21m shares valued at N3.36bn were exchanged in 2,810 deals. FBNH (+0.00%), led the volume chart with 59.27m units traded, while GEREGU (+2.78%) led the value chart in deals worth N1.53bn.
Market breadth closed negative at a 1.45-to-1 ratio with declining issues outnumbering advancing ones. UNITYBNK (-7.02%) topped fifteen (15) others on the laggard’s table, while JAPAULGOLD (+7.41%) led ten (10) others on the gainer’s log.
At the fixed income market, trading in the NTB secondary market was quiet, as the average yield remained unchanged at 11.0%. Across the curve, the average yield closed flat at the short and mid segments but pared at the long (-1bp) end following buying interest in the 329DTM (-1bp) bill. Similarly, the average yield was unchanged at 10.1% in the OMO segment.
Proceedings in the Treasury bond secondary market were bullish, as the average yield dipped by 3bps to 14.2%. Across the benchmark curve, the average yield contracted at the short (-2bps) and long (-5bps) ends as investors demanded the MAR-2027 (-7bps), and MAR-2035 (-33bps) bonds, respectively. The average yield closed flat at the mid segment.
The overnight lending rate contracted by 50bps to 10.4%, in the absence of any significant inflow into the system.
The naira was flat at NGN445.87/USD at the I&E window.
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