THUR, OCT 08 2020-theG&BJournal- Profit taking continued today in the domestic equities market, with DANGCEM (-4.8%) weighing down the bourse. Thus, the benchmark index ended the session 0.3% lower at 28,546.22 points. Accordingly, the Month-to-Date and Year-to-Date gain both moderated to +6.4%.
The total volume of trades declined by 31.6% to 569.38 million units, valued at NGN4.91 billion and exchanged in 6,101 deals. ETERNA was the most traded stock by volume at 112.89 million units while ZENITHBANK was the most traded stock by value at NGN1.51 billion.
Analyzing by sectors, the Banking (+2.9%) and Insurance (+1.3%) indices posted gains, while losses were recorded in the Industrial Goods (-2.7%), Consumer Goods (-1.3%) and Oil & Gas (-0.5%) indices.
Market sentiment, as measured by the market breadth, was positive (1.5x), as 26 tickers gained relative to 17 losers. ETERNA (+10.0%) and UNILEVER (+9.8%) topped the gainers’ list, while DEAPCAP (-10.0%) and MBENEFIT (-8.7%) recorded the largest losses of the day.
Currency
The naira was flat at the I&E window at NGN385.83/USD, while it appreciated by 0.2% to NGN457.00/USD in the parallel market.
Money & Fixed Income
The overnight lending rate contracted by 8bps to 1.3%, as inflows from OMO maturities (NGN567.69 billion) came into the system.
Trading in the NTB secondary market remained bullish, as average yield declined by 4bps to 1.4%. Across the curve, average yield contracted at the short (-3bps) and long (-7bps) ends, due to demand for the 21DTM (-17bps) and 343DTM (-26bps) instruments, respectively. Conversely, average yield expanded slightly at the mid (+1bp) segment, following sell-off of the 126DTM (+2bps) instrument. Elsewhere, average yield contracted by 24bps to 1.5% at the OMO secondary market.
At the Treasury bond secondary market, trading was bullish, as average yield contracted by 14bps to 6.3%. Across the curve, average yield at the short (-9bps), mid (-24bps) and long (-12bps) segments contracted, following buying interests in the JAN-2026 (-38bps), FEB-2028 (-51bps) and APR-2037 (-39bps) bonds, respectively.-With Cordros Research
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