EHIME ALEX, Lagos

Equities market on Tuesday extended gains from the previous trading session as the benchmark index appreciated by 0.10 per cent to 29,318.02 points, following the listing of AIRTEL AFRICA on the Nigerian Stock Exchange (NSE).

Also, while the market capitalization increased by 1.38 trillion, in the same vein, the total volume of trades increased by 36.22 per cent to 294.62 million units, valued at N3.22 billion, and exchanged in 4,033 deals.

Cordros Securities analysts projected that, Our outlook for equities in the short to medium term remains conservative, amidst the absence of any catalyst of market returns.

Meanwhile, the month-to-date and year-to-date losses moderated to 2.17 per cent and 6.72 per cent respectively.

Across all sectors, performance table showed negative losses with the Banking dipping by -2.20 per cent index to lead the pack.

Followed were Oil & Gas, Industrial Goods, Insurance, and Consumer Goods dipping by -0.67 per cent, -0.48 per cent, -0.45 per cent and -0.40 per cent indices respectively.

Notable stocks include, GUARANTY, FO, DANGCEM and DANGSUGAR down negatively by 2.95 per cent, 5.35 per cent, 1.30 per cent and 8.26 per cent respectively, while WAPIC moved down positively by 6.98 per cent.

Market sentiment, as measured by market breadth, was negative with 20 losers and 8 gainers.

The laggards and gainers lists were led by GLAXOSMITH dipping by -9.78 per cent, while leaving CADBURY by +4.37 per cent respectively.

On the currency table, the naira appreciated by 0.08 per cent against the US dollar to N360.61/USD at the Importers and Exporters (I&E) forex window but closed flat at N361 at the parallel market.

Also, on the money and fixed income table, the overnight lending rate moderated by 14 bps to 3.93 per cent, amidst the still buoyant system liquidity.

Activities in the treasury bills market were bullish as average yield declined by 10 bps to 11.77 per cent.

Demand for 72DTM, 170DTM and 310DTM of -28 bps, -20 bps and -35 bps bills led to yield contraction across the short, mid and long segments of -2 bps, -5 bps and -14 bps, respectively.

However, proceedings in the bond market were bearish, as average yield expanded by 4 bps to 13.92 per cent.

Sell pressure was concentrated at the short, mid and long segments of +3 bps, +3 bps and +5 bps, with respective yields on the JUL- 2021 and FEB-2028 at +23 bps and +6 bps, leaving JUL-2034 at +16 bps bonds expanding.