TUE, JAN 14 2020-theG&BJournal- Bucking the trend, the domestic equities market turned negative, as the benchmark index pared by 1.18% — the first decline in 2020 — to settle at 29,283.15 points. The loss was spurred by investor sell-offs of MTNN (-3.40%), NB (-4.95%) and DANGCEM (-2.00%).
Elsewhere, the total volume of trades increased by 91.47% to 666.78 million units, valued at NGN6.52 billion and exchanged in 5,711 deals. UNIONDAC was the most traded stock by volume at 340.21 million units while MTNN was the most traded stock by value at NGN1.54 billion respectively.
All sector indices close in negative, with the Insurance (-2.03%) leading the pack, as the Consumer Goods (-1.65%), the Banking (-1.07%), the Industrial Goods (-0.29%) and the Oil & Gas (-0.19%) sector indices all followed suit.
Market sentiment, as measured by market breadth, was negative (0.6x), as 22 tickers recorded declines while 13 tickers recorded gains. TOURIST (-10.00%) and NEM (-9.69%) recorded the largest declines, while BETAGLAS (+9.67%) and CILEASING (+8.89%) topped the gainer’s list.
Currency
In today’s trading, the naira appreciated by 0.1% against the US dollar to NGN362.48/USD at the I&E FX window but was flat at NGN362.00/USD at the parallel market.
Money market and fixed income
The overnight lending rate eased marginally by 58bps to 13.42%, as system liquidity remained buoyant.
Activities in the NTB market were bearish, as average yield widened marginally by 25bp to 4.46%. Yield expanded at the short (+9bps) and mid (+86bps) segment of the curve, on the account of investors sell-off on 93DTM (+41bps) and 170DTM (125bps) instruments, respectively; however, the long end of the curve was unchanged. Elsewhere, average yield expanded by 71bps to close at 12.80% at the OMO bills secondary market.
Similarly, Proceedings in the bond market was unchanged at 10.25%. Buying interests in FEB-2020 (-15bps), led to yield contraction at the short (-2bps) end of the curve. Elsewhere, the long end of the curve expanded marginally by 1bps, on the account of sell-off on APR-2049 (+5bps); the mid-segment was flat-Courtesy Cordros Research
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