MON 23 AUG, 2021-theGBJournal- Trading in the domestic bourse carried on last week’s bearish performance, as selloffs in WAPCO (-5.3%) and UBN (-3.8%) triggered the market’s loss. Thus, the benchmark index declined by 0.1%, to close at 39,434.69 points. Accordingly, Month-to-Date and Year-to-Date return settled at +2.3% and -2.1%, respectively.
The total volume of trades decreased by 24.7% to 211.33 million units, valued at NGN2.03 billion, and exchanged in 3,939 deals. CHAMS was the most traded stock by volume at 47.95 million units, while GTCO was the most traded stock by value at NGN586.12 million.
Save for the Insurance (+0.4%) index that closed in the green, the Industrial Goods (-0.3), Oil and Gas (-0.1%), Consumer Goods (-0.1%), and Banking (-0.1%) indices recorded declines.
As measured by market breadth, market sentiment was positive (1.9x), as 19 tickers gained, relative to 10 losers. FTNCOCOA (+10.0%) and PHARMDEKO (+9.9%) topped the gainers’ list, while WAPCO (-5.3%) and PZ (-4.2%) recorded the most significant losses of the day.
Meanwhile, the naira was flat at NGN411.83/USD and NGN520.00/USD at the I&E window and parallel market, respectively.
At the money market, the overnight lending rate contracted by 633bps to 17.5% in the absence of any significant funding pressure on the system.
Trading at the NTB secondary market was quiet, as the average yield stayed at 4.7%. Similarly, the average yield at the OMO segment was flat at 6.0%.
The Treasury bond secondary market ended the day on a bullish note, as the average yield contracted by 6bps to 11.3%. Across the benchmark curve, the average yield expanded at the short (+1bp) end due to the selloff of the JAN-2022 bond.
Conversely, the average yield contracted at the mid (-10bps) and long (-9bps) segments following demand for the JUL-2030 (-20bps) and JUL-2034 (-43bps) bonds, respectively.
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