Jaiz Bank emerges most traded stock on equities market

Jaiz Bank Plc, a premier non-interest lender, emerged as the most traded stock on the Nigerian Exchange on Monday.

According to reports on equities, the stock traded 40.42 million units, and gained 4.65 per cent or 4k, to close at N0.90 at the end of trading on the floor of the Nigerian Exchange in Lagos.

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The All-Share Index lost 0.01% to 49,676.75 points, reducing the year-to-date return to 16.29%, while the market capitalisation lost N2.91 billion to close at N26.79 trillion. 

Activities were upbeat in the local fixed-income space across the three segments of the secondary market, as investors sought to re-invest bond coupon repayments of about N66bn and OMO maturities of about N45bn. 

According to Vetiva Capital Management Ltd, local FGN bonds recorded an average of three basis points on yields, driven mainly by demand at the short end of the benchmark curve. The yield on the 14.20% FGN-MAR-2024 bond fell by 36bps to settle at 11.36%.

Demand also persisted at the short-mid ends of the curve, the Open Market Operation and the Nigerian Treasury Bills segments saw yields fall by a single basis point respectively, noted Vetiva.

“In the coming session, we expect bullish sentiments to persist across the bonds and NTB segments as relatively buoyant liquidity levels, and better-than-expected GDP numbers are expected to drive this positive sentiment,” Vetiva said in a note to clients on Monday.

Nigeria’s Gross Domestic Product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, up from the 3.11% growth recorded in the previous quarter, according to the latest report by the National Bureau of Statistics.