In Tuesday’s trading session, the domestic equities market staged a bullish comeback as the All-Share Index edged up by 0.12 percent to close at 95,895.92 points.
Despite a tough battle with 24 stocks in the red against 19 gainers, the market managed to add N65 billion in value, pushing the total market capitalization to N54.45 trillion.
While the number of deals and trading volume took a hit, dropping by 10.72 percent and 71.41 percent respectively, to 8,295 deals and 1.01 billion units, the market’s resilience was evident in the uptick in traded value, which rose by 0.50 percent to N7.69 billion.
Sectoral performance was predominantly bullish. The Banking, Insurance, Oil/Gas, and Industrial Goods sectors posted gains of 0.44 percent, 0.23 percent, 0.43 percent, and 0.02 percent, respectively, while the Consumer Goods sector was the sole laggard, dipping by 0.08 percent.
In terms of Individual stock performance, LEARNAFRICA, OANDO, CUTIX, RTBRISCOE, and UPL led the gainers with impressive share price increases of +9.94 percent, +9.90 percent, +9.85 percent, +9.63 percent, and +8.57 percent, respectively.
Conversely, THOMAS WY (-9.71%), OMATEK (-6.85%), FTNCOCOA (-6.80%), NEIMETH (-5.00%), and TIP (-4.44%) topped the list of losers, recording significant declines. JAIZBANK emerged as the most traded stock by both volume and value, with 651.29 million units valued at N1.49 billion, exchanged in 149 trades.
In the money market, Banks faced liquidity challenges on Tuesday, causing NIBOR rates to surge across maturities. Additionally, key money market rates such as the Open Repo Rate (OPR) and Overnight Rate (O/N) increased by 499bps each to reach 33.69 percent and 34.36 percent, respectively.
The Nigerian Interbank Treasury Bills True Yield (NITTY) trended downward across maturities, influenced by sell pressure from investors.
Meanwhile, the secondary market for Nigerian Treasury Bills saw bullish momentum, with the average yield dipping by 0.01 percent to 19.63 percent.
Bond Market Trading in the FGN bond market showed slight negative movement, with the average secondary market yield increasing by 0.03 percent to 19.73 percent. In the Nigerian sovereign Eurobonds market, bullish sentiment across segments of the yield curve led to a decrease in the average yield by 0.13 percent to 10.13 percent.
In Tuesday’s trading, the naira weakened in both the official NAFEM market and the parallel market. The naira depreciated by 0.81 percent in the official market, closing at ₦1,592.06 per US dollar. Likewise, in the parallel market, the naira slipped by 0.32%, ending the day at ₦1,590 per dollar.
