NGX: Equities record 1.26% leap as MTN leads gainers

By Chioma Obinagwam

The Nigerian equity market closed assumed a positive note on Monday as the Nigerian Exchange (NGX) All Share Index increased by 1.26 percent to close at 42,411.12 points.

Confiance News gathered from the NGX.

The market capitalisation of equities listed on the NGX increased to ₦22.130 trillion compared to Friday’s ₦21.854 trillion.

Moreso, The total volume traded closed with an exchange of 229.641 million units valued at ₦3.29 billion traded in 4,426 deals. The market breadth was positive with 23 gainers as against 16 losers.

The NGX 30 Index increased by 1.51 percent to close at 1,707.78 points as against 1,682.33 points as on the previous day. Market turnover closed with traded volume of 86.82 million units. MTNN and Sterling were the key gainers, while Nascon and FCMB were the key losers.

Money market

Meanwhile, as of December 13, the Overnight (O/N) rate decreased by 3.75 percent to close at 14.00 percent as against the last close of 17.75 percent, and the Open Repo (OPR) rate decreased by 4.00 percent to close at 13.50 percent compared to 17.50 percent on the previous day.

Forex

At the I&E FX market, Naira appreciated by 0.25 percent as the dollar was quoted at ₦414.06 as against the last close of ₦415.10. Most participants maintained bids between ₦404.00 and ₦452.15 per dollar.

Treasury Bills

NT-Bills secondary market closed on a flat note with average yield across the curve remaining unchanged at 4.49 percent. Average yields across short-term, medium-term, and long-term maturities closed flat at 3.52 percent, 3.74 percent, and 5.18 percent, respectively.

In the OMO bills market, the average yield across the curve closed flat at 5.48 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 5.47 percent, 5.51 percent, and 5.54 percent, respectively.

Bond Market

FGN bonds secondary market closed on a mildly positive note today, as the average bond yield across the curve cleared lower by 1 basis point to close at 8.15 percent from 8.16 percent on the previous day. Average yields across short tenor and long tenor of the curve decreased by 1 basis point each. However, the average yield across the medium tenor of the curve remained unchanged.

The FGNSB 14-MAY-2023 bond was the best performer with a decrease in the yield of 5 bps, while the FGNSB 11-MAR-2022 bond was the worst performer with an increase in yield of 4 bps. Furthermore, the secondary bond market is likely to remain subdued in the short term.