- Naira depreciates by 1.07% to ₦1,148.14 against dollar in FX market
The equities market witnessed continued downward momentum on Tuesday, resulting in a substantial market loss of N599 billion by the session’s close.
The All-Share Index declined sharply by 1.04 percent to 100,717.21 points, with the year-to-date return decreasing to 34.70 percent.
Correspondingly, the market capitalization of listed equities also fell by 1.04 percent to N56.96 trillion.
Bears dominated the market, with 50 declining stocks outnumbering 7 gainers.
Notable losers included CORNERST, ELLAHLAKES, FIDELITYBANK, JAPAULGOLD, and VITAFOAM, each experiencing a share price loss of -10.00 percent.
However, there were few gainers, such as MORISON, THOMASWY, UNIVINSURE, OMATEK, NSLTECH, VERITASKAP, and ABCTRANS, with share price gains of 9.96 percent, 8.63 percent, 5.56 percent, 3.80 percent, 3.45 percent, 3.13 percent, and 1.43 percent, respectively.
Trading activity on the NGX showed a slight improvement with total volume and value increasing by 23.65 percent and 16.91 percent, totaling 403.89 million units and N8.38 billion, respectively.
However, the total deals for the day declined by 5.63 percent to 10,170 trades.
Sectoral performance was largely bearish, with the Banking, Insurance, Consumer, and Industrial Goods indices posting losses of 5.75 percent, 3.27 percent, 1.02 percent, and 0.06 percent, respectively.
The Oil/Gas sector exhibited a lull performance.
As the session concluded, ACCESSCORP emerged as the most traded security in terms of volume, transacting 62.93 million units across 1,109 trades, while GTCO led in traded value at N1.74 billion.
In the money market, the Overnight NIBOR increased by 148bps to close at 31.38 percent, indicating a shortage of liquidity in the system.
Likewise, Key money market rates like the open repo rate (OPR) and overnight lending rate (OVN) surged to conclude at 30.39 percent and 31.36 percent, respectively.
In the Nigerian Interbank Treasury Bills market, the Nigerian Interbank Treasury Bills True Yield (NITTY) increased across tenors for most maturities.
However, the secondary market for Nigerian Treasury Bills experienced positive trading activity, leading to a decline in the average yield by 0.01 percent to 17.46 percent.
Bond Market In the secondary market for FGN Bonds, the average yield declined marginally by 0.03 percent to close at 19.27 percent.
In Nigeria’s sovereign Eurobonds market, trading activity exhibited a bearish trend, resulting in a rise in the average yield by 0.33 percent to reach 10.19 percent.
In the foreign exchange market, the Naira depreciated by 1.07 percent at the official market, closing at ₦1,148.14 to the dollar from ₦1,136.04 per dollar the previous day.
In the Parallel market, the Naira closed at ₦1,080 to the dollar.
