The market capitalisation of NGX rose to N20.44 trillion from N20.42 trillion on Thursday as the domestic equities market sustained Wednesday’s gains on account of price appreciation in Zenith Bank (+0.65%), Ecobank (+4.0%), and Unilever plc (+5.0%) as the All-Share Index increased by 0.1 per cent to 39,210.10 points. The market year to date loss improved to -2.6 per cent while market investors made a profit of N20.4 billion.
On the flip side, however, the level of trading activity worsened as volume and value traded declined by 12.8 percent and 43.5 percent to 158.4 million units and N2.2 billion, respectively. The most traded stocks by volume were Zenith Bank (27.3m units), Sterling Bank (22.0m units), and UBA (21.7m units), while Zenith Bank (N629.2m), Nestle Plc (N551.2m), and GTBank (N195.9m) led by value.
Across sectors, the performance was mixed as two indices gained, two lost and two also closed flat. The banking and consumer goods indices gained 0.5 per cent and 0.4 per cent respectively due to buying interest in Zenith Bank (+0.7%), Ecobank (+4.0%), Unilever Plc (+5.0%), and Dangote Sugar (+1.4%). On the flip side, the insurance and industrial goods indices lost 1.0 percent and one basis point, respectively on the back of sell pressure on Wapic Plc (-6.8%), Consolidated Hallmark Insurance Plc (-9.0%), and CAP Plc (-4.8%). Meanwhile, the ICT and oil & gas indices closed flat.
Similarly, the investor sentiment weakened to 1.3x from 4.2x recorded in the last trading session as 19 stocks advanced while 15 stocks declined. Linkage Assurance (+9.1%), PZ Cussons(+7.1%), and Union Bank (+5.0%) led gainers while CWG Plc (-9.6%), Consolidated Hallmark Insurance Plc (-9.0%), and ABC Transport plc (-7.5%) led decliners.
Meanwhile, the NSE 30 Index rose by 0.16 percent to close at 1,597.05 points as against 1,594.44 points on the previous day. Market turnover closed with a traded volume of 103.68 million units. Unilever Plc and Ecobank were the key gainers, while Sterling and FBN Holding were the key losers.
FX market
Elsewhere in the currency market, the naira depreciated by 0.21 per cent as the dollar was quoted at N411.83 to the greenback as against the last close of N410.95 at the I&E FX market. Most participants maintained bids of between N400 and N420.77 per dollar.
T-Bills market
In treasury bills trading, the NT-Bills secondary market closed on a negative note with average yield across the curve increasing by 10 basis points to close at 6.36 per cent from 6.26 per cent on the previous day. The average yields across medium-term and long-term maturities widened by 6 basis points and 21 basis points, respectively. However, the average yield across the short-term maturities declined by 2 basis points. Yields on 15 bills advanced with the 28-Apr-22 maturity bill recording the highest yield increase of 29 basis points, while the yield on one bill remained unchanged.
In the OMO bills market, the average yield across the curve remained unchanged at 9.64 per cent. Average yields across short-term, medium-term, and long-term maturities closed at 9.51 per cent, 9.65 per cent, and 9.70 per cent, respectively.
However, the CBN held its scheduled Primary Market Auction on June 9, selling NT-Bills worth N179.26 billion across the 91-day (N5.06 billion), 182-day (N10.09 billion), and 364-day (N164.11 billion) tenors. The stop rates for the 91-day and 182-day tenors remained unchanged at 2.50 per cent and 3.50 per cent, respectively. Though, the stop rate for the 364-day tenor cleared lower at 9.64 per cent (-1 basis point). The auction was oversubscribed by 244 per cent, with bid-to-cover ratios settling at 1.45x (91-day), 1.00x (182-day), and 3.92 (364-day).
Bond market
In the absence of any trigger, the FGN bonds secondary market closed on a mildly negative note as the average bond yield across the curve cleared higher by 7 basis points to close at 9.82 per cent from 9.75 per cent on the previous day. Average yields across short tenor and medium tenor of the curve expanded by 8 basis points and 10 basis points, respectively. However, the average yield across the long tenor of the curve declined by 4 basis points. The 26-APR-2049 maturity bond was the best performer with a decline in yield of 18 basis points, while the FGN Sovereign Bond 19-JUN-2022 maturity bond was the worst performer with an increase in yield of 24 basis points.
