TUE, AUGUST 08 2023-theGBJournal |The equities market traded with mixed sentiments, albeit with a bearish tilt as late selloffs of GEREGU (-6.4%) led the benchmark index 4bps lower to 65,309.65 points. Consequently, the Month-to-Date and Year-to-Date gains moderated to +1.5% and +27.4%, respectively.
The total volume traded declined by 4.9% to 317.81 million units, valued at NGN4.47 billion, and exchanged in 6,376 deals. ACCESSCORP was the most traded stock by volume and value at 49.36 million units and NGN861.16 million, respectively.
Sectoral performance was broadly negative, as the Oil & Gas (-0.3%), Insurance (-0.2%), Industrial Goods (-0.1%), and Consumer Goods (-0.1%) indices closed lower, while the Banking (+0.6%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.2x), as 28 tickers gained relative to 24 losers. GUINNESS (+10.0%) and GLAXOSMITH (+9.7%) recorded the highest gains of the day, while NSLTECH (-10.0%) and NNFM (-9.9%) topped the losers’ list.
The naira appreciated by 2.3% to NGN757.51/USD at the I&E window.
The overnight lending rate contracted significantly by 416bps to 3.0%, in the absence of any significant inflows into the system.
The NTB secondary market traded with bearish sentiments as the average yield expanded by 30bps to 7.3%. Across the curve, the average yield was unchanged at the short and mid segments but expanded at the long (+27bps) end, as participants sold off the 338DTM (+10.19ppts) bill.
Similarly, activities in the FGN bond secondary market were bearish, as the average yield expanded by 13bps to 13.5%. Across the benchmark curve, the average yield increased at the short (+20bps), mid (+17bps), and long (+8bps) segments due to sell pressures on the MAR-2025 (+110bps), APR-2032 (+37bps) and JAN-2042 (+47bps) bonds, respectively.
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