MON 14 MARCH, 2022-theGBJournal| Trading activities in the domestic bourse resumed the week with bearish sentiments as selloffs in bellwether stock — MTNN (-0.5%) undermined the market’s performance.
Precisely, the All-Share Index declined by 2bps to 47,428.67 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +0.1% and +11.0%, respectively.
The total volume of trades increased by 11.0% to 1.28 billion units, valued at NGN7.92 billion, and exchanged in 4,735 deals. FCMB was the most traded stock by volume and value at 1.02 billion units, and NGN3.84 billion, respectively.
Performance across sectors was mixed, as the Insurance (-1.9%), Consumer Goods (-0.4%), Oil & Gas (-0.3%) indices declined, while the Banking (+1.2%) and Industrial Goods (+0.1%) indices recorded gains.
As measured by market breadth, market sentiment was negative (0.9x) as 22 tickers lost relative to 19 gainers. CWG (-10.0%) and ETERNA (-10.0%) recorded the most significant losses of the day, while RTBRISCOE (+9.6%) and ETI (+7.3%) topped the gainers’ list.
Currency
The naira was flat at NGN416.50/USD at the I&E window.
Money & Fixed Income Market
The overnight lending rate was flat 5.0%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bearish sentiments as the average yield expanded by 7bps to 3.5%. Across the curve, the average yield was flat at the short end but expanded at the mid (+2bps) and long (+9bps) segments as market participants sold off the 164DTM (+15bps) and 360DTM (+395bps) instruments. Elsewhere, the average yield declined by 11bps to 3.8% in the OMO segment.
Proceedings in the Treasury bond secondary market were mixed albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 10.4%. At the benchmark curve, the average yield contracted at the short (-1bp) end as investors demanded the APR-2023 (-5bps) bond, but expanded at long (+3bps) end following profit-taking on JUL-2034 (+31bps) bond. Conversely, the average yield was unchanged at the mid segment.
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