TUE, APRIL 21 2020-theG&BJournal- The Nigerian equities market ended the day’s trading on a negative note as sell-off of GUARANTY (-7.8%), ZENITHBANK (-7.8%), and WAPCO (-9.2%) stocks, ensured that the domestic bourse record its second consecutive losses. Thus, the All-Share Index declined 1.3% to 22,629.92 points. Accordingly, Month-to-date gain declined to 6.2% and Year-to-Date losses increased to -15.7%.
The total volume of trades decreased by 27.5% to 250.35 million units, valued at NGN2.33 billion and exchanged in 4,877 deals. FBNH was the most traded stock by volume at 71.06 million units while ZENITHBANK was the most traded stock by value at NGN695.03 million.
Sectoral performance was negative, as all sectoral indices recorded losses. The Banking (-5.8%) index recorded the highest decline, followed by the Insurance (-1.5%), Oil and Gas (-1.3%), Industrial Goods (-0.9%) and Consumer Goods (-0.1%) indices.
Market sentiment, as measured by market breadth, was negative (0.1x), as 27 tickers declined, relative to 3 gainers. OANDO (-10.0%) and CHAMPION (-10.0%) recorded the largest losses, while NPFMCRFBK (+8.7%) and LASACO (+4.2%) were the top gainers of the day.
Currency
The naira was flat at the parallel market at NGN416/USD, while it strengthened by 0.3% to NGN385.00/USD at the I&E FX window.
Money Market & Fixed Income
The overnight lending rate contracted by 8bps to 2.6%, in the absence of any significant outflow from the system.
Trading in the NTB secondary market was bullish, as average yield across instruments contracted by 9bps to 2.9%. Across the curve, yields contracted at the short (-34bps) and mid (-11bps) segments following buying interest in the 51DTM (-97bps) and 128 DTM (-49bps) instruments, while it expanded at the long (+10bps) end following sell-off of the 268DTM (+10bps) instrument. Similarly, average yield contracted by 125bps to 10.6% in the OMO secondary market.
Trading in the Treasury bond secondary market was mixed as average yield remained flat at 11.0%. Across the curve, yields pared at the short (-1bp) end following demand for the JUL-2021 (-2bps) bond; the mid and long segments were flat.-With Cordros Research
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