WED, JULY 26 2023-theGBJournal |The Nigerian equities market recorded its first negative performance this week as profit-taking in MTNN (-3.4%) drove the benchmark index 0.5% lower to 65,687.16 points.
Accordingly, the Month-to-Date and Year-to-Date returns moderated to +7.7% and +28.2%, respectively.
The total volume of trade declined by 9.6% to 500.43 million units, valued at NGN7.14 billion, and exchanged in 7,345 deals. UBA was the most traded stock by volume at NGN58.31 million, while ACCESSCORP was the most traded stock by value at NGN991.20 million.
Sectoral performance was mixed, as the Oil & Gas (+4.9%) and Insurance (+1.0%) indices advanced, while the Banking (-0.6%) and Consumer Goods (-0.5%) indices printed losses. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 32 tickers gained relative to 24 losers. COURTVILLE (+10.0%) and NCR (+10.0%) topped the gainers’ list, while UNILEVER (-10.0%) and CADBURY (-10.0%) recorded the most significant losses of the day.
At the currency exchange market, The naira appreciated by 6.9% to NGN740.08/USD at the I&E window.
Meanwhile, the overnight lending rate contracted by 336bps to 19.0%, in the absence of any significant inflow from the system.
Activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 4.3%.
Conversely, the FGN bond secondary market traded on a bearish note, as the average yield advanced by 20bps to 12.9%. Across the benchmark curve, the average yield expanded at the short (+20bps), mid (+4bps), and long (+24bps) segments as investors sold off the MAR-2027 (+74bps), APR-2029 (+7bps) and JUL-2034 (+58bps) bonds, respectively.
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