MON, FEB 10 2020-theG&BJournal-Sentiments remained weak in the domestic equities market as profit-taking activities dominated. Consequently, the All-Share Index plummeted by 1.05% to 27,772.19 points, following selloffs in market heavyweights – NESTLE (-10.00%) and MTNN (-1.71%) stocks. Consequently, the Month-to-date declined to 3.71% while Year-to-Date moderated to 3.47%.
The total volume of trades declined by 34.14% to 200.16 million units, valued at NGN1.92 billion and exchanged in 3,487 deals. FBNH was the most traded stock by volume at 35.91 million units while MTNN was the most traded stock by value at NGN462.3 million, respectively.
On sector performance, losses recorded in the Consumer Goods (-4.75%), Oil & Gas (-0.55) and Banking (-0.54%) indices masked the gains in Insurance (+0.86%) and Industrial Goods (+0.76%) indices.
Market sentiment, as measured by market breadth, was negative (0.9x), as 17 tickers declined, relative to 16 gainers. NESTLE (-10.00%) and LINKASSURE (-9.68%) recorded the largest declines, while SOVRENINS (+10.00%) and TRANSEXPR (+9.88%) topped the gainer’s list.
CURRENCY
The naira traded flat against the US dollar at NGN362.00/USD in the parallel market, while it gained by -0.05% to NGN362.20/USD at the I&E FX window.
MONEY MARKET & FIXED INCOME
The overnight lending rate widened by 9.67ppt to 16.00%, following the bank’s funding for CBN’s wholesale, Invisibles and SMEs FX auctions.
Trading in the Treasury bills secondary market remained quiet, as trading volumes continue to temper. Consequently, yields across all segments were unchanged. However, the average yield expanded marginally by 1bp to close at 13.54% at the OMO secondary market.
Trading in the Treasury bonds market was bullish, as the average yield pared marginally by 4bps to 9.93%. Yields contracted at the long (-11bps) and short (-4bps) segment of the curve, following investors’ buying interest in the JUL-2034 (-19bps) and APR-2023 (-9bps) bonds, respectively. On the flip side, the mid-segment traded flat.-Cordros Securities
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