FRI, SEPT 08 2023-theGBJournal |Bearish sentiments persisted Thursday in the local bourse as the benchmark index dipped further by 0.3% to close at 68,082.11 points.
Market performance was undermined by the sell-pressures on DANGCEM (-1.4%). Accordingly, the Month-to-Date and Year-to-Date returns moderated to +2.3% and +32.8%, respectively.
The total volume traded declined by 0.2% to 378.09 million units, valued at N8.38 billion, and exchanged in 8,106 deals.
OANDO was the most traded stock by volume at 91.64 million units, while NESTLE was the most traded stock by value at N1.93 billion.
On sectors, the Industrial Goods (-0.7%), Consumer Goods (-0.7%) and Oil & Gas (-0.1%) indices closed lower, while the Banking (+0.1%) index advanced. Meanwhile, the Insurance index closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 30 tickers lost relative to 26 gainers. MORISON (-9.9%) and COURTVILLE (-7.7%) topped the losers’ list, while BETAGLAS (+10.0%) and CADBURY (+9.9%) recorded the highest gains of the day.
The naira appreciated by 4.8% to NGN736.62/USD at the I&E window.
At the money market, the overnight lending rate expanded by 113bps to 4.8%, in the absence of any significant funding pressure on the system.
Meanwhile, the NTB secondary market traded with bullish sentiments as the average yield contracted by 25bps to 7.6%.
Across the curve, the average yield expanded at the short (+15bps) end, as investors sold off the 7DTM (+56bps) bill but declined at the mid (-103bps) and long (-15bbps) segments, following buying interests in the 182DTM (-126bps) and 245DTM (-151bps) bills, respectively.
Conversely, the average yield was flat at 13.3% in the OMO segment.
Elsewhere, the FGN bonds secondary market traded with mixed sentiments, although with a bullish tilt, as the average yield pared by 1bp to 14.1%.
Across the benchmark curve, the average yield contracted at the short (-17bps) end following bargain hunting on the MAR-2024 (-114bps) bond but expanded at the long (+6bps) end as investors took profits off the APR-2037 (+36bps) bond.
Meanwhile, the average yield was unchanged at the mid segment.
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