TUE, AUGUST 22 2023-theGBJournal |The local bourse extended yesterday’s positive sentiments as sustained interest in BUAFOODS (+7.3%) drove the All-Share Index 0.4% higher to 65,488.67 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +1.8% and +27.8%, respectively.
The total volume of trade increased by 26.7% to 293.46 million units, valued at NGN4.12 billion, and exchanged in 5,895 deals. TRANSCORP was the most traded stock by volume at 41.44 million units, while MTNN was the most traded stock by value at NGN791.46 million.
Sectoral performance was mixed, as the Consumer Goods (+3.8%) and Insurance (+0.5%) indices recorded gains, while the Banking (-0.9%) and Oil & Gas (-0.2%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 26 tickers lost relative to 16 gainers. SUNUASSUR (-10.0%) and CHELLARAM (-10.0%) recorded the highest losses of the day, while CORNERST (+9.8%) and CWG (+9.7%) topped the gainers’ list.
The naira depreciated by 1.2% to N770.72/USD at the I&E window.
The overnight lending rate expanded by 145bps to 24.8%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 11bps to 8.3%.
Across the curve, the average yield declined at the short (-73bps) end as participants demanded the 65DTM (-293bps) bill but expanded at the long (+6bps) end due to the selloff of the 338DTM (+79bps) bill. Conversely, the average yield was flat at the mid segment. Elsewhere, the average yield was unchanged at 11.2% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield expanded by 11bps to 14.1%.
Across the benchmark curve, the average yield expanded at the short (+1bp), mid (+5bps), and long (+18bps) segments as market players sold off the MAR-2024 (+8bps), JUN-2033 (+31bps), and MAR-2036 (+74bps) bonds, respectively.
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