…The FGN bond secondary market traded quietly as the average yield remained at 14.4%.
…The naira depreciated by 1.8% to N778.80/USD at the Nigerian Foreign Exchange Market (NFEM)
…The FGN bond secondary market traded quietly as the average yield remained at 14.4%.
MON, OCT 16 2023-theGBJournal|The domestic markets closed bearish on Monday as investors assess latest inflation figures released by the National Bureau of Statistics (NBS).
The equities commenced the week’s trading on a bearish note following late sell pressures on STANBIC (-10.0%). Consequently, the All-Share Index declined by 0.2% to 67,037.93 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +1.0% and +30.8%, respectively.
The total volume of trades declined by 3.6% to 216.07 million units, valued at NGN3.55 billion, and exchanged in 5,965 deals. UBA was the most traded stock by volume at 32.62 million units, while DANGSUGAR was the most traded stock by value at N658.03 million.
Performance across the sectors was mixed, as the Insurance (-0.4%), Oil & Gas (-0.3%) and Industrial Goods (-0.1%) indices printed losses, while the Banking (+0.9%) and Consumer Goods (+0.4%) indices recorded gains.
As measured by market breadth, market sentiment was negative (0.9x), as 22 tickers lost relative to 19 gainers. SOVRENINS (-10.0%) and STANBIC (-10.0%) topped the losers’ list, while ROYALEX (+8.5%) and CHIPLC (+7.0%) recorded the highest gains of the day.
At the currency market, the naira depreciated by 1.8% to N778.80/USD at the Nigerian Foreign Exchange Market (NFEM).
The overnight lending rate contracted by 17bps to 1.5%, following the inflow from FGN bonds coupon payment (N51.12 billion).
Activities in the NTB secondary market were muted, as the average yield closed flat at 6.5%.
Across the curve, the average yield was unchanged at the short and mid segments but declined at the long (-1bp) as investors demanded the 346DTM (-1bp) bill. Conversely, the average yield contracted by 1bp to 12.1% in the OMO segment.
The FGN bond secondary market traded quietly as the average yield remained at 14.4%. Across the benchmark curve, the average yield pared at the short (-1bp) end following interest in the MAR-2024 (-3bps) bond. Meanwhile, the average yield closed flat at the mid and long segments.
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