TUE, 17 NOV, 2020-theGBJournal–Trading in the NTB secondary market remained mixed, as activity in the market remains muted. Thus, the average yield closed flat at 0.1%. Elsewhere, average yield pared by 1bp to 0.1% at the OMO secondary market.
Activities at the Treasury bond secondary market were bullish, as average yield contracted by 4bps to 4.0%. Across the curve, average yield declined at the short (-1bp) and mid (-18bps) segments, following buying interests in the JAN-2022 (-3bps) and APR-2029 (-39bps) bonds, respectively; average yield was flat at the long end.
The overnight lending rate was flat at 1.0% in the absence of any major movement in system liquidity.
On the domestic bourse, equities extended yesterday’s loss in today’s session, as investors sold off on DANGCEM (-6.5%), NESTLE (-3.5%) and NB (-6.9%) stocks. Thus, the All-Share Index declined by 1.5% to 34,242.83 points. Accordingly, Month-to-Date and Year-to-Date gains moderated to 12.2% and 27.6%, respectively.
The total volume of trades increased to 9.36 billion units, valued at NGN12.02 billion, and exchanged in 8,712 deals. UAC-PROP was the most traded stock by volume and value at 8.52 billion units and NGN5.96 billion, respectively.
On sectors, all indices in our coverage – Industrial Goods (-3.3%), Consumer Goods (-3.2%), Oil & Gas (-0.9%) and Insurance (-0.5%) – save for the Banking (+0.8%) index declined.
Market sentiment, as measured by market breadth, was negative (0.6x), as 30 tickers declined, relative to 17 gainers. WAPIC (-10.0%) and OANDO (-10.0%) topped the losers’ list, while BOCGAS (+10.0%) and GLAXOSMITH (+9.6%) recorded the largest gains of the day.
Meanwhile, the naira appreciated by 0.3% to NGN384.80/USD at the I&E window but closed flat at NGN475.00/USD in the parallel market.-With Cordros Research
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